CIBC Innovation Banking announced today that it has committed non-dilutive funding to Rossum, an AI-powered transactional document automation platform.
Founded in 2017 following a PhD research topic by Tomas Gogar (CEO), Petr Baudiš (CTO), and Tomáš Tunys (Chief Science Officer), Rossum has rapidly established itself as a critical player in the AI-powered Intelligent Document Processing (IDP) industry.
Rossum's customer-focused platform automates the full lifecycle of transactional documents, from ingesting invoices and analysing the data to document approvals.
The financials of the current funding have not been disclosed. However, Rossum is also backed by General Catalyst, LocalGlobe, Seedcamp, Miton, and Elad Gil, and to date, has raised a total of $109.5 million.
Headquartered in Prague, Rossum operates globally and has a strong presence in the UK and US markets, where it plans to continue growing its team.
According to Tomas Gogar, CEO of Rossum:
"This substantial financial support from CIBC Innovation Banking is a resounding endorsement of our strategic direction and demonstrates a profound confidence in our vision and operational model.
"Our platform is helping blue-chip enterprise businesses like Bosch, Siemens, AB InBev, and Panasonic streamline productivity.
CIBC Innovation Banking's support further validates our company's robustness and potential for sustained growth as the leaders in this industry."
Tom Dods, Director of CIBC Innovation Banking in the UK, shared:
"We are delighted to support Rossum as its document processing platform continues to expand and evolve.
Rossum's AI technology creates genuine innovation in the intelligent document processing market, with real efficiency gains for its customers. The CIBC Innovation Banking team is looking forward to supporting Rossum as it continues to grow."
Rossum will use the funding to bolster and secure its already strong position in the market.
Lead image: Rossum. Photo: uncredited.
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