Orrick has advised Rossum on raising USD 100 million from General Catalyst in a Series A funding round. Ropes and Gray reportedly advised GC.
Previous investors including LocalGlobe, Seedcamp, Miton, and Elad Gil also participated in the round.
Rossum is an artificial intelligence company, founded by three PhD students from the Czech Technical University in Prague, that is, according to Orrick, "re-inventing the way businesses send documents to each other." General Catalyst is a US-based investment fund.
According to Rossum, this "is Eastern Europe’s largest-ever Series A." According to the Czech-based company, its solution "helps you to organize and automatically process all your incoming document traffic. Whether you receive invoices, purchase orders, packing lists, claims, any other transactional documents, or all of these, Rossum automates your business communication."
"There is a hidden opportunity in the fact that every single product in the world requires hundreds of companies to cooperate, and that produces thousands of transactions," said Rossum CEO Tomas Gogar. "As market leaders in document AI technology, we are in a unique position to transform the way these transactions are communicated and processed. Rossum already saved billions of keystrokes in data entry for our clients. Now we are saving people’s time across the whole process of transaction handling by building an end-to-end business communication platform. Businesses large and small are waking up to the huge gains that they will make from such a system and they trust us to deliver it."
"Rossum spotted a problem that is so ubiquitous that we rarely even think about it," added General Catalyst Managing Director Trevor Oelschig. "The founders realized the massive hidden opportunity and created a disruptive solution based on an entirely new deep technology. Rossum is still early on its journey, but it has already grown into a company with worldwide reach that has had a tremendous impact on global enterprise customers."
Orrick’s team was led by Partner Shawn Atkinson and included Managing Associate Stephen Tallon, Attorney Jason Wu, Associate Shaun Malone, Trainee Solicitor Hanna Hewitt, and Paralegal Siddharth Balani.