Rossum, the deep learning startup on a mission to finally get rid of manual data entry once and for all, has secured €4 million to help more businesses save time and money with its AI-enabled extraction tool.
Every day, the equivalent of 100 human lifetimes are estimated to be spent globally on the manual input of data from invoices alone. Rossum streamlines this process by boosting efficiency and driving down costs. In tests, its AI tool has been proven to extract data six times faster than at a human rate while saving companies up to 80% of the costs.
Founded in 2017, Rossum is based both Prague and London, and is already used by companies across every continent and Fortune 500 companies, such as Bloomberg, Siemens, EY, IBM.
Rossum’s €4 million investment has been raised over two rounds. The first €900K came via a pre-seed round funded by Miton and StartupYard. The remaining €3.1 million was raised in a seed round, led by LocalGlobe, the leading VC that invested in TransferWise, with participation from Seedcamp (UIPath, Revolut).
Additionally, a number of renowned angel investors took part and will act as mentors for the startup: 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).
Although Rossum’s system is primarily helping its clients process invoices and similar documents, the technology can also be used across many segments like accounting, logistics, insurance, real estate management, among others. It plans to use its investments to further develop this technology for multiple sectors, open a US office and continue its global expansion.
Reshma Sohoni from SeedCamp said: “Rossum’s technology is a game-changer for business. We’re excited to work with such a passionate and highly skilled team to bring the cost and time savings of its AI data-extraction tool to even more businesses.”