Rossum, a document processing automation startup based out of Prague and London, has bagged $100M (€85.9M) in a Series A round of funding from General Catalyst. The round also saw participation from investors such as LocalGlobe, Seedcamp, Miton and Elad Gil.
The company says the funds will help it to capitalise on the rising corporate demand for business process automation.
Fund utilisation
The proceeds from the round will be used to create a research centre in Prague, where AI document technology will be developed in collaboration with universities.
Rossum will also use the funds to hire more high-skilled technical and AI expertise in North America, Western Europe, and Asia Pacific and establish new business hubs in the United States, Europe, and Asia.
“There is a hidden opportunity in the fact that every single product in the world requires hundreds of companies to cooperate, and that produces thousands of transactions. As market leaders in document AI technology, we are in a unique position to transform the way these transactions are communicated and processed. Rossum already saved billions of keystrokes in data entry for our clients. Now we are saving people’s time across the whole process of transaction handling by building an end-to-end business communication platform. Businesses large and small are waking up to the huge gains that they will make from such a system and they trust us to deliver it,” says Tomas Gogar, CEO of Rossum.
Tech at play
Rossum claims that the cloud-based document gateway relieves human teams of time-consuming data entry, connects all connected documents in a transaction, keeps transactions on track with automated data flows, and integrates documents with other corporate systems such as SAP and Oracle.
Rossum is looking to capitalise on the automation of cross-company operations, which would further enable the automated flow of paperwork between firms and free the utilisation of manpower. The company further claims that their technologies save users over 90% of the time they would spend doing manual tasks.
Rossum claims to have grown five times year-on-year in the previous 12 months.
Future plans
Rossum plans to broaden its product and partner ecosystem by focusing on verticals such as finance, logistics, insurance, and order management. It claims to be making a universal document gateway that can manage the entire spectrum of operations and document formats found in each industry. The platform’s workflows will include processes ranging from fraud detection at the start of a transaction to approvals at the finish.
About Rossum
Founded by Petr Baudis, Tomas Gogar, and Tomas Tunys in 2016. Rossum is a deep learning startup that wants to create a world without manual data entry.
The company has raised $9.5M (€8.1M) in total. Cushman & Wakefield, BDO, Suez, and PwC are among Rossum’s clients.
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