Rossum provides an AI-powered document processing platform that automates the full lifecycle of transactional documents, from invoice ingestion and data analysis to approvals. Its platform is used by enterprise customers including Bosch, Siemens, AB InBev and Panasonic. The company is headquartered in Prague and operates globally with a strong presence in the UK and US. Rossum will use the new funding to bolster and secure its market position and to grow its team in key markets. The company is backed by investors such as General Catalyst, LocalGlobe, Seedcamp, Miton and Elad Gil. To date Rossum has raised a total of $109.5 million. Rossum builds an AI-based B2B document gateway and end-to-end business communication platform that extracts, links and processes documents such as invoices, purchase orders, quotations, financial statements and customs declarations without overhauling existing email/PDF infrastructure. Its cloud platform integrates with enterprise systems including SAP and Oracle and is used by over 150 companies, including Bosch, Siemens, Veolia, EY and Adyen. Rossum's AI engine typically saves users over 90% of manual work and the company says it has saved over five billion keystrokes globally. The business has recorded fivefold year-on-year growth in the last 12 months and employs about 140 people. Future plans include expanding product and partner ecosystems across verticals (finance, logistics, insurance and order management), opening hubs in the US, Europe and Asia, and establishing a Prague research center in cooperation with Czech universities. Founded in 2016 by three AI PhD students who left academia to start the company, Rossum positions itself as a single unified enterprise solution for cross-company document automation. Rossum develops a machine-learning platform called Cognitive Data Capture that teaches computers to understand documents the way humans do, primarily to extract data from invoices, delivery notes and similar forms. The company says its tool extracts data six times faster than human rates and can save customers up to 80% of costs, with average accuracy around 95%; it asks for human feedback on fields it cannot identify and learns from that feedback. Rossum’s product is already used by companies on every continent, including multiple Fortune 500 enterprises such as Siemens. The software was built by co-founders and former AI PhD students Tomas Gogar, Petr Baudis and Tomas Tunys; Baudis is credited in Google’s AlphaGo paper. Rossum plans to use the new investment to further develop the technology across multiple sectors, open a U.S. office and continue global expansion. The company positions its tool to speed human operators rather than replace them, enabling staff to focus on more complex or creative tasks.

Total raised

$104M

Funding rounds

3

Latest round

Series A

Latest activity

Oct 2021