Czech Document Processor Rossum Raises $100M

The document processing platform Rossum has raised $100 million in a Series A funding round, and could be valued at between $500 million and $1 billion.

As VentureBeat reported Wednesday (Oct. 20), the Czech company plans to use the funds to invest more in its support for industries that include finance, logistics and insurance, and also launch new hubs in the U.S., Asia and Europe. The firm also plans to open a research center in Prague, where Rossum is based.

Founded in 2017 by a group of PhD students studying artificial intelligence, Rossum employs deep learning to automate manual document processing and data entry.

Using enterprise resource planning, robotic process automation and document management systems, Rossum’s cognitive data capture can read and understand the content of a document the same way a human reader would.

Rossum had previously raised $9.5 million between 2019 and 2020 and boasts more than 150 corporate clients, including PepsiCo, Bosch and Siemens.

It has also transitioned from a “document understanding engine” to becoming what it calls an “all-in-one document gateway,” which the company hopes can set it apart in the larger document automation sector.

“Rossum allows customers to ingest and read any type of document, understand what is in that document or what might be missing, and then act or communicate on it,” Rossum CEO and Co-founder Tomas Gogar said. “Document types could be invoices, compliance documents, shipping manifests, and waybills or insurance claims data in any format shared via any channel.”

Read more: Kofax Acquires Print Management Software Provider Printix.net

VentureBeat notes there are several firms working in the broader document automation space, such as Kofax and Abbyy.

Kofax recently announced it was acquiring Printix, a supplier of cloud-based print management systems. The deal saw Printix’s customers, partners and staff folding into Kofax, which will continue to invest in the smaller company and support its marketing and development.