Czech startup raises over USD 100m in record “Series A” venture capital roundReading Time: < 1 minutes
Czech start-up Rossum will receive USD 100 million in venture capital from a consortium – including General Catalyst, one of the US’s biggest VC funds – to support its AI document-processing software.
Rossum processes data and devises steps based on that content, reducing manual data entry work by 90%, according to the company. Founded by three PhD students in 2016, Rossum will use the capital to develop its product for the finance, logistics, insurance and order management sectors. “We are establishing a universal document gateway capable of handling the whole range of processes and document types of each industry,” the company wrote.
Rossum’s previous backers LocalGlobe, Seedcamp, Miton and Elad Gil also participated with the lead investor General Catalyst in the latest “Series A” round. “What RPA (robotic process automation) did for internal company processes really needs to be done for business-to-business communication,” Rossum cofounder and chief executive Tomas Gogar said.