Artificial Intelligence: Rossum, The Document AI Company, Raises $100M

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Rossum is committed to creating a world free of manual data entry.

Rossum offers an end-to-end AI document processing solution that combines its cognitive data capture platform with a full suite of integration capabilities to automate document-based communications between diverse businesses. The startup announced this week its $100 million Series A raise from General Catalyst with participation by existing investors including LocalGlobe, Seedcamp, Miton and Elad Gil. (BusinessWire)

No more painful data entry

Rossum was founded in the Czech Republic in 2017. It uses AI and machine learning to automatically “understand” different kinds of documents and feed them in to the business process without the need for data entry. Rossum integrates with various kinds of systems including ERP, robotic process automation, and document management systems for this purpose.

Rossum’s platform facilitates the automatic exchange and processing of documents such as invoices, purchase orders, quotations, financial statements and customs declarations.

“The company’s vision of making B2B document communication frictionless, forever, has strongly resonated with businesses large and small who use the AI-based B2B platform to exchange and process all sorts of documents, seamlessly, without overhauling the existing infrastructure of email and PDF documents,” Rossum said in a statement.

Rossum estimates that it saves its users typically over 90% of the manual work involved with documentation.

Rossum: Strong growth

In the last 12 months, Rossum’s business has grown five times. Clients include 150 of Europe’s biggest and fastest growing companies including Bosch, Siemens, Veolia, EY and Adyen.

In an industry-wise focus, is establishing a universal document gateway capable of handling the whole range of processes and document types of each industry.

“As market leaders in document AI technology, we are in a unique position to transform the way 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,” Tomas Gogar, Rossum’s CEO, said.

Related Story: Home Loans Get Quicker And Easier With Google’s Lending DocAI

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