Rossum, an artificial intelligence startup that is reinventing how organizations exchange papers, has secured $100 million from General Catalyst, one of the most well-known venture capital firms in the US, making it the largest Series A ever in Eastern Europe. LocalGlobe, Seedcamp, Miton, and Elad Gil, previous investors, are joining Rossum as it seeks to capitalize on the soaring corporate demand for business process automation.
Rossum is developing a universal document gateway that will help the business world move more quickly and complete transactions in minutes rather than weeks. Rossum has quickly established market leadership in document AI technology and has become the preferred software for many of Europe’s largest companies.
In the past year, Rossum has grown five times year-over-year as more established companies and startups have realized the benefits of RPA for their productivity and resource allocation. Businesses large and small utilize the AI-based B2B platform to share and process all types of documents effortlessly without changing the current infrastructure of email and PDF documents, which has been resonant with the company’s mission of making B2B document communication frictionless, forever.
The $100 million investment will be utilized by Rossum, which is experiencing especially strong demand for its products in North America, Western Europe, and the Asia Pacific area, to acquire more high-skill engineering and AI personnel. Additionally, the money will be used to establish new corporate hubs in the US, Europe, and Asia. There are also plans to work with Czech institutions to establish a research center in Prague focused on B2B document exchange. Rossum will develop its partner ecosystem and product offerings around certain industries, such as banking, logistics, insurance, and order management, in the following phase of its development. It is creating a global document gateway that can manage every procedure and document type used by every industry. Workflows for the platform will include steps for fraud detection at the beginning of a transaction and approvals at the conclusion