Rossum Raises Record $100 Million Series a From General Catalyst to Reinvent B2B Document Communication
Rossum, the artificial intelligence company that is re-inventing the way businesses send documents to each other, has raised $100m from one of the US’s best known funds, General Catalyst in what is Eastern Europe’s largest ever Series A. Previous investors, including LocalGlobe, Seedcamp, Miton and Elad Gil are participating, as Rossum looks to capitalise on surging corporate demand for automation in business processes.
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“We had a never-ending backlog before we implemented Rossum. Now, we can always complete our work on time.”
Having rapidly secured market leadership in document AI technology and become the go-to software for many of Europe’s biggest companies, Rossum is creating a universal document gateway designed to help the corporate world move faster and complete transactions in minutes not weeks. Rossum’s founders, three PhD students who dropped out of university to start the business, are automating the whole business communication stack with a view to making bureaucratic, costly and time-consuming document communication frictionless and paperless.
Rossum has seen year-on-year growth of five times in the last 12 months, as established businesses and startups have woken up to the impact that Robotic Process Automation can make to their productivity and resourcing. 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.
Corporate appetite for automation soars
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 timetable with automated data flows and integrates documents with other enterprises systems, including SAP and Oracle.
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While enterprise RPA focuses on internal processes, 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.
The $100 million funding will be used to hire more high skill engineering and AI talent at Rossum, which is seeing particularly strong demand for its products in North America, Western Europe and the Asia Pacific region. The funds will also be used to open new company hubs in the US, Europe and Asia and plans to open a research center in Prague, dedicated to B2B document communication, in co-operation with Czech universities.
