Dark
Light

CIBC Innovation Banking fuels AI with groundbreaking Rossum investment.

1 min read
183 views

TLDR:

CIBC Innovation Banking has invested in Rossum, an AI-powered document processing platform. Rossum’s platform automates the full lifecycle of transactional documents, from ingesting invoices to document approvals. The financial details of the investment were not disclosed. However, Rossum has previously raised a total of $109.5 million from investors such as General Catalyst, LocalGlobe, and Seedcamp.

Key points:

  • CIBC Innovation Banking has invested in Rossum, an AI-powered document processing platform.
  • Rossum automates the full lifecycle of transactional documents, including ingestion, data analysis, and document approvals.
  • The financial details of the investment were not disclosed, but Rossum has raised a total of $109.5 million from other investors.

CIBC Innovation Banking has invested in Rossum, an AI-powered document processing platform. Rossum’s platform automates the full lifecycle of transactional documents, from ingesting invoices to document approvals. The financial details of the investment were not disclosed. However, Rossum is also backed by General Catalyst, LocalGlobe, Seedcamp, Miton, and Elad Gil, and to date, has raised a total of $109.5 million. Headquartered in Prague, Rossum operates globally and has a strong presence in the UK and US markets, where it plans to continue growing its team.

According to Tomas Gogar, CEO of Rossum:

“This substantial financial support from CIBC Innovation Banking is a resounding endorsement of our strategic direction and demonstrates a profound confidence in our vision and operational model. Our platform is helping blue-chip enterprise businesses like Bosch, Siemens, AB InBev, and Panasonic streamline productivity. CIBC Innovation Banking’s support further validates our company’s robustness and potential for sustained growth as the leaders in this industry.”

Tom Dods, Director of CIBC Innovation Banking in the UK, shared: “We are delighted to support Rossum as its document processing platform continues to expand and evolve. Rossum’s AI technology creates genuine innovation in the intelligent document processing market, with real efficiency gains for its customers. The CIBC Innovation Banking team is looking forward to supporting Rossum as it continues to grow.”

Rossum will use the funding to bolster and secure its already strong position in the market.

Previous Story

Bold Commerce: Powered by Winks, Our Futuristic Biometric Checkout Solution

Next Story

TikTok’s Loud Budgeting: Experts Adore the Trend Tackling Overspending

Latest from News