Berlin-based AI startup, traide, has successfully bagged a seven-figure euro funding to enhance its AI-driven SaaS platform.
About traide
Established in 2021 by a trio of innovators, traide utilises cloud and AI technologies. Their main aim is to streamline customs processes for companies spanning various sizes and sectors, and to make international trading both efficient and secure for businesses.
Over 720,000 companies in Germany currently grapple with outdated manual customs procedures. These traditional methods often lead to financial losses and significant bureaucratic entanglements. Furthermore, these outdated processes prevent businesses from scaling efficiently, potentially placing them at a competitive disadvantage on the global stage.
Harnessing AI for customs automation
traide’s SaaS tool capitalises on the universally standardised customs tariff. Utilising cutting-edge AI models, it converts individual product data from businesses into necessary customs information. This transformation enables traide to churn out automated and reliable customs declarations, a task that has remained manual for ages.
The innovative journey of traide started in Code University’s incubator. The startup’s initial base was Factory Berlin. Within this supportive environment, founders Leonie Althaus, Philipp Friebertshäuser, and Hendrik Niemann accessed an invaluable network and garnered mentorship.
Even before their latest funding achievement, traide already had an impressive clientele using their software successfully. With this new financial backing, the company’s focus is on tech enhancement and faster market penetration.
Driving customs processes into the future
The capital boost was spearheaded by High-Tech Gründerfonds (HTGF). Smart Infrastructure Ventures, Prequel Ventures, and prominent angel investors, such as the founders of Taxdoo and Byrd, also participated in the funding round.
Leonie Althaus, traide’s CEO, highlights the significance of this round.
This funding marks a pivotal step in our mission to revolutionise the customs industry through AI.
Dr. Maurice Kügler of HTGF echoes Althaus’s excitement. “The traide team is progressing rapidly to help firms achieve efficient and automated customs processes,” he mentions.
About High-Tech Gründerfonds (HTGF)
HTGF, a seed investor, channels its resources into tech startups boasting significant growth potential. Since its inception in 2005, HTGF has supported over 700 startups. Currently managing around 1.4 billion euros, HTGF’s team comprises experienced investment managers and startup connoisseurs. They extend their expertise to nurture fledgeling companies, with a focus on diverse high-tech sectors.
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