London-based Rossum, an artificial intelligence company, which is reinventing the way businesses send documents among one another, has secured $100 million (nearly £72.4 million) in Series A funding. This investment came from one of the best-known funds from US – General Catalyst. Also, existing investors such as LocalGlobe, Seedcamp, Miton and Elad Gil participated in the round.
Growth plans ahead
Rossum will use the funds to hire high-skill engineering and AI talent as it is witnessing a strong demand for its products in North America, Asia Pacific and Western Europe. The company will use the proceeds to open new company hubs in the US, Asia and Europe and plans to pen a research centre in Prague in cooperation with Czech universities, which is dedicated to B2B document communication.
The next stage of Rossum’s journey will see it expand its product and partner ecosystem around specific verticals including finance, logistics, insurance and order management. It is establishing a universal document gateway capable of handling the whole range of processes and document types of each industry. Processes from fraud detection at the start of a transaction, to approvals at the end will be built into the platform’s workflows.
“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,” Tomas Gogar, Rossum’s CEO, said.
“Rossum spotted a problem that is so ubiquitous that we rarely even think about it. The founders realized the massive hidden opportunity, and created a disruptive solution based on an entirely new deep technology. Rossum is still early on its journey, but it has already grown into a company with worldwide reach that has had a tremendous impact on global enterprise customers,” said Trevor Oelschig, Managing Director at General Catalyst.
“It is remarkable that three AI scientists from Prague dropped out from academia to start a business and five years later they are leading a company of 140, serving some of the world’s top brands and building something exceptional. The storylines of lightning speed growth like UiPath, Celonis and now Rossum show how the CEE region is becoming a true global powerhouse of AI and Automation. Again and again, we see the combination of great business ambition and deep technical skill from this region,” said Reshma Sohoni, founding partner at Seedcamp.
“Rossum is on the cusp of an enormous market opportunity. Documents of all forms are the lifeblood of business-to-business communication, and every company in the world will want to automate this process sooner or later and Rossum is perfectly positioned to meet this need. Its world-leading AI technology for cognitive data capture means that Rossum adopters do not need to coordinate with their business partners to automate this communication,” said Mish Mashkautsan, General Partner, at LocalGlobe and Latitude.
Single unified enterprise solution
Founded in 2016 by AI PhD students Tomas Gogar, Petr Baudis and Tomas Tunys, Rossum is investing heavily in product development, demonstrating that its AI technology leadership can apply to a wide range of use cases. While its mission of frictionless AI-enabled data capture remains central to Rossum’s software, the company is gradually automating the whole business communication stack, creating a single unified enterprise solution for communication between businesses.
Over 150 of Europe’s biggest and fastest-growing companies including Bosch, Siemens, Veolia, EY and Adyen are using the platform to exchange and process documents such as invoices, purchase orders, quotations, financial statements and customs declarations. The cloud-based document gateway frees up human teams from onerous data entry work, links all related documents in a transaction, keeps transactions on the timetable with automated data flows and integrates documents with other enterprises systems, including SAP and Oracle.
Furthermore, Rossum is pioneering the automation of cross-company processes – something that was immensely challenging without advanced AI technology. Enabling the flow of documentation between companies frees up a massive amount of manpower, which has previously been devoted to tedious and soul-destroying manual document processing. Rossum estimates that its systems save its users typically over 90% of the manual work.
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