Customs clearance platform KlearNow nabs $16m Series A

Santa Clara, California-based KlearNow, a customs clearance platform, has secured $16 million in Series A funding.

Santa Clara, California-based KlearNow, a customs clearance platform, has secured $16 million in Series A funding. GreatPoint Ventures led the round with participation from Autotech Ventures, Argean Capital and Monta Vista Capital.

PRESS RELEASE

SANTA CLARA, CA (May 1st, 2020) – KlearNow, the world’s first AI-driven, 100% digital customs clearance platform, today announces the closing of $16 million in Series A funding led by GreatPoint Ventures with additional participation from Autotech Ventures, Argean Capital and Monta Vista Capital. The capital will be used to grow geographically, enhancing KlearNow’s product to cover increasingly complex export-import verticals and time-sensitive shipments.

The need for remote access and work-from-home capabilities has become the new standard for global commerce companies, while today’s customs clearance process remains heavily manual. The results are error-prone, leading to increased importer costs and causing significant delays in the supply chain.

KlearNow’s digital customs clearance platform enables importers, customs brokers, and freight forwarders to integrate seamlessly with local customs authorities to conduct business on a single digital platform remotely and in real time. Using artificial intelligence to automate this process, the platform eliminates errors and reduces the time to clear customs from hours to minutes.

“This is a significant opportunity to transform an archaic industry that is key to global commerce,” said Ashok Krishnamurthi, Managing Partner at GreatPoint Ventures. “KlearNow has established itself as a promising disrupter in their industry with a compelling, clear, and differentiated value proposition that doesn’t exist in the market today.”

KlearNow’s agnostic platform gives importers a way to centralize all shipments through one portal while receiving end-to-end visibility, including full transparency through the customs clearance process. Additionally, freight forwarders of all enterprise levels have unlocked significant value for their business not previously available.

“We are impressed by what they have achieved so far and believe in the value that KlearNow can bring to the automotive and ground transportation market,” said Daniel Hoffer, Managing Director at Autotech Ventures, a firm whose investors include some of the world’s largest transportation companies.

“We are extremely excited to partner with this round of investors,” said Sam Tyagi, Founder and CEO of KlearNow. “We sought out firms who provide more than just funding, with an engaged leadership style, an extensive network, and a track record of helping portfolio companies grow and scale at unprecedented rates. We look forward to working with these investors as we revolutionize the customs clearance industry,” he added.

During these unprecedented times customs brokers are finding it difficult to travel into central offices and manage physical paperwork to fulfill this critical step in international logistics from remote locations. In addition to alleviating these challenges, KlearNow’s digital platform identifies and funnels new clients directly to brokers for global customs clearance, providing more flexibility and sustainable growth opportunities.

To further support crisis mitigation efforts, KlearNow recently expedited their FDA module to clear much-needed medical supplies and is temporarily offering free clearance for non-profit organizations that are importing masks, hand sanitizers, and ventilators.

Non-profits can email covid19@klearnow.com for more information.

“KlearNow has been a great partner for the past year and provided UFlex with much needed visibility and ease of clearance for all our raw materials. Recently, we decided to repurpose our facility and manufacture the urgent PPE supplies needed by the medical community, and the KlearNow platform stepped up to help us import the necessary raw materials quickly and efficiently.,” said Anantshree Chaturvedi, Vice Chairman and CEO of UFlex, which is the global manufacturing leader in flexible packaging materials and films.

“As the original investor who incubated this idea from conception to product launch, we are thrilled that KlearNow is gaining rapid customer acceptance and will be globally scaling its operations,” said Sandeep Vij, Managing Partner of Argean Capital. “KlearNow also offers brokers new and much needed ‘personal protection technology‘ as the platform not only increases their yield, but more importantly they can now conduct business safely and remotely, needing only to access their personal devices to clear customs for their clients,” Vij added.

Following this round of investment, GreatPoint Ventures Managing Partner Ashok Krishnamurthi will join KlearNow’s Board of Directors, with Daniel Hoffer from Autotech Ventures joining as a Board Observer.

About KlearNow:
KlearNow is a customs clearance platform built for today’s importers, freight forwarders, and customs brokers. By utilizing AI technology with a cloud-based platform our partners can now do more business at a lower cost, with full transparency. For more information about KlearNow, please visit www.klearnow.com.