In a year full of milestones and significant achievements, Digicust 2023 has seen an impressive journey of innovation, investment and recognition. This exciting time was reflected in our significant advancements
Digicust closes its seed round with an investment of € 1.6 million. The start-up Digicust, based in Schwechat, specialises in the digitalisation of customs processing for freight forwarders. Following the two investments in February and March 2023, this is now the third investment within a year for the start-up from Lower Austria. In addition to the first two investors and the state funding, the largest investment was made by a private individual, thus finally concluding the start-up's seed round.
Artificial intelligence (AI) is no longer a foreign word in the business world. It is bringing a revolution to the way businesses work and grow. By automating routine tasks and providing valuable insights, AI can increase efficiency and improve decision-making. If you want to learn more about the basics of AI, we recommend you read our article
As mentioned above, ChatGPT is a language processing model and not a knowledge model, at least not in its current form. It is based on statistical calculations using, among other things, a multidimensional semantic space in which similar words are close to each other. By using matrices and vectors, numerous passes are made to determine which sentences, answers and statements are most likely in a given context. This is the reason why the language model is prone to error.
Although ChatGPT provides fluent and convincing answers at first glance, its linguistic capabilities should be treated with caution. The seemingly impressive performance of the speech AI can sometimes be deceptive. Occasionally, ChatGPT generates factual untruths, which are referred to as "hallucinations" in AI research. In subtleties, the chatbot even indicates that it can provide inaccurate information about people, places or facts.
In the last part, we gave you an overview of the possibilities of AI in customs, this time we talk about what are the limits of AI in customs code classification and what are the alternatives to traditional applications on the web:
Areas of application in customs Knowledge transfer According to AI experts, we are facing a new form of knowledge transfer. By creating innovative teaching and learning systems, competences and qualifications can be brought into companies in a completely new way
In the last part of our blog series, we talk about organising the integration. Good preparation saves a lot of time and money. You can read here how to best use your new systems:
In the first part of our blog series on the most important pillars in AI integration, we discussed the general starting position and the first and most important pillar: the human component. Contrary to what some experts have said, AI without humans will not be a model for the future. In this article we will talk about the second pillar, the technical systems.
In our latest blog series, we look at the three pillars of a successful AI implementation. Our experts at Digicust explain how you can best integrate AI solutions in customs clearance into your company.
Over the past few months, the world has witnessed a remarkable transformation triggered by generative AI and ChatGPT. These revolutionary technologies have demonstrated the immense value they can create for businesses.
2023 has already been a remarkably successful year for Digicust. After an investment round with Startup Wise Guys and Sofia Ventures, the company, founded in July 2020, received another funding of 150,000 euros from aws. This funding will enable Digicust to tackle technical deep-learning challenges and develop innovative deep-tech solutions that increase the level of automation in intelligent document processing.
The last part was about the requirements and application possibilities. In our last blog of the series, we will look at the practical application possibilities in customs.
In the last part we looked at the history of AI and LLM, this time we move into application and what it takes to successfully use the technology in business.
In our first part, we talked in general about large language learning models. Today, we will take a brief trip down memory lane and clarify how the technology developed and where it came from. Language Models: A brief and evolving history.
Our new blog series is about how AI technologies will change the customs industry. Special focus is on large language learning models and their application. At Digicust, we also use these models
In our last blog post, we talked about what requirements will be necessary for start-ups with the AI Act in the future. This time, we will talk about the challenges that this brings with it
In the first part, we talked about which legal aspects are already affected. This time, we will talk about what requirements start-ups will have to face in the future.
In this series, we explore what legal implications the EU's AI Act might have for startups. In the first part of the series, we discuss which legal aspects should already be considered when using AI systems, especially to avoid "red flags" with investors and due diligence.
Customs compliance is a complex task that challenges many businesses. Mistakes can result in costly penalties and hinder the smooth flow of international trade. This is where machine learning comes into play. By applying machine learning technologies to customs compliance tasks, businesses can reduce errors, avoid penalties and increase efficiency.
The logistics industry is one of the most important pillars of the global economy, moving countless goods from one place to another every day. In order to remain competitive, logistics companies are constantly looking for ways to increase their efficiency and performance.
Customs clearance is a crucial process in the international freight forwarding business, often fraught with bureaucratic challenges, time-consuming administrative tasks and human error. However, the use of Artificial Intelligence (AI) can effectively address these issues and increase efficiency and accuracy in customs clearance.
After intensive due diligence phases and negotiations, Digicust now has managed to attract another investor on board. The venture capital fund Sofia Angels Ventures is investing 100,000 euros in the start-up from Austria in addition to the funding from Startup Wise Guys.
At the beginning of October, the Digicust team was invited to the Boost up! Event of EIT Manufacturing in Athens. After the selection process out of 300 startups, Digicust had the honor to pitch as one of 20 startups at the final. We couldn't pass up this opportunity and got on the next plane to Greece
While you or your staff are processing customs cases, the Digicust Master Data Module is working in the background, automatically populating itself with data as you process data with Dexter, and serving as the basis for data enrichment during customs clearance.
After several due diligence phases, several days of negotiations and pitch presentations, Digicust now starts the new year 2023 by closing the Startup Wise Guys SaaS Accelerator round with a six-figure investment.
After a 6-month application phase, several application stages and quite a few startups, Digicust has finally been accepted into the leading European B2B Tech Accelerator Program of Startup Wise Guys...
Digital customs is an area where technology can have a big impact, but it is often overlooked. According to a recent study by the World Economic Forum, the use of technology in customs procedures could save up to $50 billion annually in trade costs.
There is no doubt that digital customs IS becoming more and more popular in the business world. But what does digital customs mean? Well, according to the World Trade Organization, digital customs means complete automation of the whole customs process. Hence, the name of Digicust - Digital Customs Transforming Businesses.
While AI can do much good, including making products and processes safer, it can also harm through a wide variety of risks as described in the previous article "challenges of AI-applications in customs clearance". Therefore, a regulatory framework as well as a company standard for trustworthy AI...
Nowadays, volatile, uncertain, complex and ambiguous (VUCA-) markets are changing rapidly influenced by globalization, technological advance and many other factors. As a result, companies appear and disappear at a pace that is breath-taking.
A common question in customs clearance is:" what's the functioning of this good, from which material is it made of?" Quite understandable, considering that a good such as a cat fishing rod is not the most popular one and that it can be made out of several materials. These questions are often asked due to customs code classification or also known as product classification into the customs tariff nomenclature.
In this blog, we at Digicust want to show you the great things we have already accomplished in the first month of 2022. After hard years of development from 2018 to date for our Dexter IDP solution.....
What are the new features in Digicust Master Data Modul? Find out now! You are already testing our solution? Then give us feedback!
While you or your staff are processing customs cases, the Digicust master data module is working in the background, automatically populating with data as you process data with Dexter and serving as the basis for data enrichment during customs clearance.
Document processing time can be more or less important depending on the service delivered and the complexity of the document. In contrast, high precision is important at all times, no matter the complexity or size of the processed document.
In our 5th blog, we compared whether a complete solution or a self-service offering makes more sense, and which individual building blocks need to be linked in a self-service offering. In the next part, we looked at how the billing should be done. Per document or per page. In the following list you will find all the terms that are important for the successful introduction of an IDP system in the company:
If the offer includes an end-to-end solution, the company achieves automation in the entire document processing process for the customer. This means that the service provider offers the customer a simple way to upload documents via different channels (e.g. email, scan-per-mail, upload, API, etc.). The customer gets the data back as requested without intervening in the process (end-to-end). With such an offering, we are talking about intelligent document processing. In this process, the AI-based OCR is only one part of the value chain.
The AI's Learning capability is an important aspect of achieving automation. The faster the AI learns through feedback from a human, the faster it is possible to send the data to the next systems in an automated fashion or with little manual validation. In the best-case scenario, additional machine validations are executed during an IDP system's post-processing step, increasing the level of automation.
Last week, a blog series of OCR technology and intelligent document processing (IDP) systems has been initiated by explaining a few basics of what OCR actually is, how Digicust applies this technology and which further technologies are necessary to digitalize the customs industry.
Optical Character Recognition (OCR) technology is a solution for automatically extracting printed or written text from a scanned document, PDF- or Image file and then converting the text into a machine-readable form that can be used for further data processing
It is common knowledge that the customs business is facing challenging times. Punitive tariffs, increased customs volume due to e-commerce and the Corona crisis. Since 01.07.2021, the challenges are one facet richer.
The AI's Learning capability is an important aspect of achieving automation. The faster the AI learns through feedback from a human, the faster it is possible to send the data to the next systems in an automated fashion or with little manual validation.