McLean, Va.-based Quickcode.ai, which runs an AI-powered platform to help companies comply with trade rules and tariffs, has closed a $1.4 million funding round led by Denver, Colo.-based Buckhorn Capital Group. Subsequent to the funding, Buckhorn founder Tom Ray joined the company’s board.
Quickcode was founded in 2021 by CEO Shannon Hynds and Chief Technology Officer Joe Morales, who is based in Colorado Springs, Colo. For the past eight years, Hynds has been part of New Dominion Angels, an investor group that funds early-stage Mid-Atlantic startups. She holds a BS in Computer Science from the University of Colorado Boulder. Morales was previously the principal software architect at Fluke Systems, which was acquired first by NetScout and later by Net Ally. He holds an MS in Information and Data Science from the University of Berkeley.
“This investment gives us the resources to push the boundaries of what compliance technology can do,” said Hynds, who has led the company since its inception. “We’re excited to expand our platform with smarter, faster tools and the support our customers need to stay ahead of every regulatory change.”
The growingly complex global trade regime poses a challenge to companies with regard to compliance. Older, manual processes and outdated tools make it difficult to navigate changing tariffs, shifting regulations and stricter enforcement. Quickcode addresses these problems with real-time automation, intelligent tariff calculation and proactive compliance monitoring.
“Quickcode.ai is tackling one of the most urgent and complex challenges in global trade today, and they’re doing it with incredible innovation,” said Buckhorn Capital’s Ray, who previously served as the CEO of CoreSite Realty Corp. “We’re excited to back this talented team and can’t wait to help accelerate their growth and expand their impact across the industry.”
Buckhorn Capital is a growth-focused investment firm that provides both capital and strategic guidance. Ray brings over $10 billion in investing and operating experience, including over $5 billion in digital infrastructure. Besides CoreSite, he has investing and operating experience at leading global companies, including The Carlyle Group and Prologis.
Quickcode’s prior investors include Fulton, Md.-based DataTribe and Jacksonville, Fla.-based PS27 Ventures.
DataTribe was founded by Mike Janke, a former Navy SEAL who studied Philosophy at the University of Pittsburgh without getting a degree, and Bob Ackerman. The duo previously co-founded and ran AllergisCyber. Focusing on cybersecurity and data science, DataTribe’s big hit was Dragos, an infrastructure security firm. Its portfolio includes Attila Security, N2K and Xona. Janke and Ackerman serve as DataTribe’s co-managing partners.
PS27 founder Jim Stallings, who served in the US Marine Corps, started his career in the Space Division of General Electric and spent many years at IBM. At Big Blue, he, notably, oversaw its $25 billion global hardware sales division, the $7 billion Linux software business and its intellectual property division, which held 39,000 patents. The firm focuses on B2B and SaaS businesses. Its portfolio includes Neural Payments, OnRamp, Ryze, Roosted and SkillCycle.