BITE Data Secures $3 Million for Innovative AI Tools in Trade Compliance

BITE Data Corporation Closes $3 Million Funding Round for AI-Powered Trade Compliance Solutions

In a significant development for global trade compliance, BITE Data Corporation has recently announced the closing of a $3 million funding round. The company, recognized for its AI-native SaaS solutions, is committed to modernizing the often overlooked processes of global trade compliance. The Series Seed round raised $2.5 million, which was primarily led by Las Olas Venture Capital (LOVC), with additional contributions from New Dominion Angels and Blue Impact Venture Capital. The funding builds on an earlier Pre-seed round of $500,000 completed in June, securing the total amount raised to $3 million.

BITE Data’s mission is to simplify compliance workflows for businesses engaged in import and export activities. The funding will be instrumental in expanding their engineering and sales teams, which will ultimately support the growth of the business as they develop new, AI-driven tools. CEO Thariq Kara expressed gratitude for the confidence investors have placed in BITE Data’s vision and emphasized their goal to provide useful automation tools tailored to the fluctuating landscape of global trade.

The firm's focus is particularly timely given the increasing geopolitical tensions, such as tariffs and sanctions that can disrupt international trade. By utilizing advanced AI technology, BITE Data aims to tackle complex compliance challenges, ensuring speed, accuracy, and accountability in regulatory processes that have traditionally relied on manual labor. Their platform offers a sophisticated approach to managing compliance risks in cross-border operations.

Both co-founders, Thariq Kara and Anne Riitho, bring extensive experience in global trade and customs enforcement to the company. Thariq previously served in a senior technical role at the U.S. Immigration and Customs Enforcement (ICE), while Anne led supply chain investigations for various U.S. agencies, endowing them with insights into the industry’s operational challenges.

Las Olas Venture Capital, known for investing in B2B software and AI startups, is enthusiastic about their decision to back BITE Data, considering the firm’s leadership's unmatched expertise in regulatory matters. Dean Hatton, a representative from LOVC, noted that the technology BITE Data is developing could significantly improve how companies navigate compliance risks.

By combining their expertise with cutting-edge technology solutions, BITE Data plans to reshape the paradigm of trade compliance. As businesses expand their global reach, the demand for effective compliance tools will only grow, making BITE Data’s initiatives crucial to the future of international commerce.

For further information regarding their products and team, you can visit bitedata.io.

With businesses increasingly needing to adapt to dynamic regulatory environments, BITE Data stands poised to be at the forefront of innovation in this space, contributing not only to compliance efficiency but also to the overall improvement of global trade operations.