Rossum is an AI-based cloud document processing platform that automates the ingestion, validation, and communication of transactional documents across various formats. By utilizing proprietary machine learning algorithms, it enhances data accuracy and compliance while significantly reducing manual workload and processing time.
Funding
$110.8M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Many organizations still rely on manual processes for handling transactional documents, leading to inefficiencies, errors, and delays. Extracting data from invoices, purchase orders, and other documents is often time-consuming and labor-intensive, hindering productivity and increasing operational costs.
Solution
Rossum offers an AI-powered intelligent document processing (IDP) platform that automates the ingestion, validation, and communication of transactional documents. The platform utilizes a proprietary large language model (LLM) to process structured and unstructured documents, extract relevant data, and ensure compliance with business rules. By automating document workflows, Rossum reduces manual workload, minimizes errors, and accelerates processing times, enabling organizations to streamline operations and improve efficiency. The platform also facilitates human-AI collaboration, allowing users to provide feedback and continuously improve the accuracy of the AI engine.
Target Audience
Rossum primarily targets organizations across various industries, including finance, supply chain, and procurement, that process a high volume of transactional documents and seek to automate their document workflows.
Features
- AI-powered data extraction from various document formats, including invoices, purchase orders, and contracts
- Automated document ingestion from multiple channels, such as email, scanners, and shared drives
- Cross-validation of document data with master data and third-party APIs
- Customizable business rules and exception handling to ensure data accuracy and compliance
- Automated approval workflows with rules for auto-approve/reject based on defined criteria
- AI-generated email communications for exception handling and vendor notifications
- Real-time insights and analytics to track key metrics, such as processing time and error rates
- Integrations with leading ERP systems, including SAP S/4HANA, Coupa, and Oracle NetSuite