Jacksonville venture capital fund PS27 announced Tuesday it has made an undisclosed investment in QuickCode AI, a trade compliance and management systems developer.
With a marketplace worth trillions, Virgina-based QuickCode AI aims to streamline regulations, compliance tariffs and taxes related to imports; which is what attracted to PS27 CEO and Founder Jim Stallings to the company.
"I didn't know a whole lot about the intricacies of trade when we started this process several months ago," Stallings told the Business Journal Tuesday. "It's been quite an education, but I'm just so excited about the scale of this."
Through the use of its databases and artificial intelligence, QuickCode AI is able to help the international contracting process, which is something small-to-mid-sized businesses with limited staffing could fully utilize to cut down on time and personnel when it comes to compliance and regulations.
"Keeping up with regulations is almost a full-time job and keeping up with contracting the parts is a full-time job," Stallings said. "And unfortunately, in many cases, this is a manual process for companies. So what QuickCode does is say 'look, we'll do the searching and assembling. As well as the tracking and registration.'"
Aside from its problem-solving capabilities and potential scalability, Stallings said he was most impressed with the team: Gary King, Rebecca Fair, Joe Morales and Shannon Hynds.
QuickCode AI, founded in Mclean, Virginia, raised at least $2 million during its seed round in December 2021 from Maryland-based DataTribe, cyber foundry that invests in and co-builds the next generation of cybersecurity, big data and analytics companies, according to records on Crunchbase.
"I'm thrilled today to announce our partnership with PS27 Ventures," QuickCode AI CEO Hynds said in a video statement. "From day one, I knew that Jim Stallings and his team's deep expertise in both go-to market strategies, as well as sales made them the perfect partner. Their financial investment helps extend our runway, giving us time to perfect future offerings, as well as accelerate our sales."
The Jacksonville-based venture capital fund recently announced its investment in OnRamp, a customer onboarding software developer, in April.
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