Rossum, a Prague, Czech Republic- and London, UK based AI-enabled data extraction tool provider, raised $4.5m in seed funding.
The round was led by LocalGlobe with participation from from Seedcamp, Miton, and StartupYard and several private investors including:
– Elad Gil (Twitter’s former VP of strategy and investor in Airbnb, Square, and Pinterest);
– Michael Stoppelman (investor in Wish, Lyft and the former SVP of Engineering at Yelp);
– Vijay Pandurangan (investor and advisor for Wish and Get Room and former Director of Engineering at Twitter); and
– Ryan Petersen (founder and CEO Flexport and Import Genius).
The company intends to use the funds to further develop this technology for multiple sectors, open a US office and continue its global expansion.
Built by Tomas Gogar, Petr Baudis and Tomas Tunys, Rossum provides a cloud-based data extraction platform that uses deep learning to read and understand semi-structured documents like a human.
The current system is enabling clients to process invoices and similar documents, like delivery notes. However, the technology can be used to process documents across many segments including accounting, logistics, insurance, real estate management, among others.
It is already used by companies across every continent, including multiple Fortune 500 enterprises, such as Siemens.