William Malcolm

AI Startup Rossum Raises 2.2 Billon Crowns

The Czech company Rossum, which is building a platform for processing documents circulating between companies with the help of artificial intelligence, received an investment of approximately 2.2 billion crowns ($ 100 million). This is the third-highest amount ever received by a Czech startup. The investment was led by the US venture capital fund General Catalyst. It was joined by existing Rossum investors, the British funds SeedCamp and Local Globe, as well as the Czech Miton. The company stated this in a press release.

The money raised will be used by Rossum for further expansion, especially to expand the team with top experts. The company, which has doubled its sales in the last year and has grown from 60 to 140 people, wants to find hundreds of more specialists in the team over the next year or two in areas ranging from artificial intelligence research through product development to marketing and sales. The plan includes a research center in Prague for the further development of artificial intelligence technology in cooperation with Czech universities.

“This is extremely good news for the Czech Republic. Rossum is based in Prague and will hire hundreds of highly qualified people in Prague in the coming years. Thanks to companies such as Rossum, Rohlík, and other promising startups, a technological ecosystem is emerging in the Czech Republic that can kick the Czech economy as a whole. , “said Miton partner Tomáš Matějček.

The company was founded in 2017 by three artificial intelligence researchers. Rossum focuses on large companies. Its Czech customers include Rohlík.cz or Kiwi, from global companies such as Siemens, Veolia, and Bosch. Rossum’s technology is also used by the expanding global technology companies Celonis and Flexport.

“Thanks to Rossum, we want all companies in the world to speak the same language. The format of documents will not create a communication barrier at once. It’s similar to the human world if there was no language barrier without having to learn a language other than our native language,” Tomáš Gogár.

The two largest investments to date on the domestic startup scene were made by the Rohlík.cz food delivery service, which collected 190 million euros (CZK 4.85 billion) and then another 119 million euros (three billion crowns). It is followed by ProductBoard with investments of $ 72 and $ 45 million.