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.
Teltonika has announced it is halting the construction of its EUR 3.5bn High-Tech Hill park…
Hungary’s electricity market has become a focal point for speculative trading, driven by a combination…
Central and Eastern Europe (CEE) is a rising force in artificial intelligence (AI) and startups…
The European Commission (EC) analyses the accession prospects of all ten prospective members of the…
As Donald Trump officially declared his victory in the US election, he received congratulations from…
European leaders committed to developing a defence industry base and enhancing EU competitiveness at an…