Eurora Solutions

About Eurora Solutions

Eurora Solutions, established in Tallinn, Estonia, in 2018, developed a platform to address the complexities of cross-border e-commerce. The company was founded by Marko Lastik, a logistics professional with over three decades of experience, particularly in trade with Asia. His background in global logistics directly informed the creation of a solution aimed at simplifying international trade regulations that were becoming increasingly burdensome for merchants and logistics operators.

The company's core offering was an AI and machine learning-backed compliance platform designed for the high-volume, low-value package market of e-commerce. This B2B service automated tax, compliance, and customs procedures for a client base that included online sellers, marketplaces, logistics providers, and postal companies. The platform's main function was to assign the correct Harmonized System (HS) code to products, calculate the applicable VAT and duty amounts, and then automatically generate electronic declarations for EU duties and taxes, all accessible via a simple API integration. Revenue was generated by providing these automated compliance services to its clients.

Eurora's technology was engineered to process a high volume of transactions, reportedly handling up to 5,000 requests per second with an accuracy rate of over 96%, even with incomplete data. This was achieved by training its AI with a massive dataset of over 500 million records from actual transactions supplied by large logistics providers. A key milestone for the company was securing a $40 million Series A funding round in April 2022, which was intended to fuel geographical expansion into the UK, US, and the Middle East, as well as for further product development. Despite its promising start and significant funding, Eurora Solutions filed for bankruptcy in September 2023, following reports of financial difficulties and the layoff of over a hundred employees.