AI B2B document communication startup Rossum secured $100M in Series A funding

Rossum, a London based AI B2B document communication company, has recently secured $100 million in a Series A funding round.

Rossum was founded by Tomas Gogar, Petr Baudis in the year 2016. The startup leverages an AI engine to provide cloud-based solutions for businesses to send documents to each other and save users typically around 90% of the manual work. 

The document gateway frees up the 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 some other enterprise systems, which includes Oracle and SAP.

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

Trevor Oelschig, Managing Director at General Catalyst, 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".

The round was backed by the General Catalyst with participation from the Miton, LocalGlobe, Elad Gil, and SeedCamp.

The AI company as of now has plans to use the new funds to hire engineering and AI talent. The AI startup also intends to open new hubs in Europe, the US, and Asia, and a research and development center in Prague, dedicated to the B2B document communication, in cooperation with the Czech Universities, notes the anouncement.