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Automated document processing platform Rossum raises $100M
Oct 19, 2021 | Venture Beat
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Rossum Ltd., a platform used by enterprises to automatically process and “understand” all their inbound documents, has raised $100 million in a series A round of funding. Sources say that Rossum is now valued at somewhere between $500 million and $1 billion.

Some 550 billion invoices alone change hands globally each year, spanning all manner of formats across paper and digital. Processing these documents, and extracting key data, is typically a time-consuming endeavor, something that Rossum is setting out to solve.

Founded out of the Czech Republic in 2017 by a trio of AI PhD students, Rossum leans on deep learning to automate manual document processing and data entry. Powered by integrations with myriad enterprise resource planning (ERP), robotic process automation (RPA), and document management systems (DMS), Rossum uses “cognitive data capture” to read and understand the content of a document just like a human does.

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