AI document processing startup Rossum raises $100M
Artificial intelligence document processing startup Rossum today announced that it has raised $100 million in new funding to establish new hubs in the U.S., Europe and Asia.
General Catalyst led the Series A round. Also participating in the round were LocalGlobe, Seedcamp, Miton and Elad Gil.
Founded in 2017, Rossum offers an AI-powered universal document gateway designed to help the corporate world move faster and complete transactions in minutes, not weeks. The company pitches itself as automating the whole business communication stack to make bureaucratic, costly and time-consuming document communication frictionless and paperless.
Rossum’s AI-enabled data capture platform is specifically designed to facilitate business-to-business communication through a single unified enterprise solution. The service addresses four key steps in document-based processes: receiving documents across multiple channels, automated understanding, two-way communication to resolve exceptions and acting on the data using in-depth integrations. Support for various documents spans invoices, purchase orders, claims and other documents regularly used in a business setting.
The company says its cloud-based document gateway frees up human teams from onerous data entry work, links all related documents in a transaction and keeps transactions to a timetable. It does so with automated data flows and integrates documents with other enterprises systems, including SAP and Oracle.
Rossum has seen strong growth, with its client base growing by a multiple of five in the last 12 months, off an undisclosed base. Notable customers include Robert Bosch GmbH, Siemens AG, Veolia Environment S.A., Ernst & Yong Global Ltd., Cushman & Wakefield plc, BDO International Ltd., Suez S.A., PricewaterhouseCoopers International Ltd. and Adyen NV.
“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,” Rossum Chief Executive Officer Tomas Gogar said in a statement. “Rossum [has] 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.”
Including the new funding, Rossum has raised $109.5 million to date.
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