Skip to main content
https://www.highperformancecpmgate.com/rgeesizw1?key=a9d7b2ab045c91688419e8e18a006621

Rossum raises $4.5M to make OCR-like data entry many times more accurate

Every day, people slog over inputting date from invoices and other forms. So instead of using traditional Optical Character Recognition (OCR) extraction software, you could apply a new form of machine learning to documents to speed up the process. That’s the thinking behind Rossum’s technology, which uses ‘Cognitive Data Capture’ to teach computers to understand documents in the way humans do. It says 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.

The company has now secured $4.5 million after one $1million pre-seed with Miton and StartupYard, followed by a second $3.5 million seed round, led by LocalGlobe out of London. Seedcamp also participated.

A number of Angels also took part: 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).

Rossum’s software was built by its three founders, former AI PhD students Tomas Gogar, Petr Baudis and Tomas Tunys. Baudis’ work is credited in Google’s scientific paper on its historic AlphaGo AI victory in 2016.

Rather than replacing employees, Rossum’s aim is to speed up human operators, giving businesses more flexibility and reliability for their customers, and helping employees focus their attention on more complex tasks or tasks that require creativity. Rossum says its accuracy rates average at around 95% and for any data fields Rossum’s software can’t identify, it asks for feedback from a human worker. Each time it receives feedback, the software learns, improves and this accuracy increases.

Rossum’s product is already used by companies in every continent, including multiple Fortune 500 enterprises, such as Siemens.

Rossum’s current system is helping its clients chiefly process invoices and similar documents, like delivery notes. However, the technology can be used to process documents across many segments including 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.

Rossum’s co-founder Tomas Gogar said: “Technology should make data entry easier and cheaper but businesses have become too reliant on using old systems that no longer meet their needs. Rossum solves these problems without complicated, clunky integrations; without teams of developers; and without high costs. ”

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.”

Comments

Post a Comment

Popular posts from this blog

Uber co-founder Garrett Camp steps back from board director role

Uber co-founder Garrett Camp is relinquishing his role as a board director and switching to board observer — where he says he’ll focus on product strategy for the ride hailing giant. Camp made the announcement in a short Medium post in which he writes of his decade at Uber: “I’ve learned a lot, and realized that I’m most helpful when focused on product strategy & design, and this is where I’d like to focus going forward.” “I will continue to work with Dara [Khosrowshahi, Uber CEO] and the product and technology leadership teams to brainstorm new ideas, iterate on plans and designs, and continue to innovate at scale,” he adds. “We have a strong and diverse team in place, and I’m confident everyone will navigate well during these turbulent times.” The Canadian billionaire entrepreneur signs off by saying he’s looking forward to helping Uber “brainstorm the next big idea”. Camp hasn’t been short of ideas over his career in tech. He’s the co-founder of the web 2.0 recommendatio
Post a Comment
Read more

Drone crash near kids leads Swiss Post and Matternet to suspend autonomous deliveries

A serious crash by a delivery drone in Switzerland have grounded the fleet and put a partnership on ice. Within a stone’s throw of a school, the incident raised grim possibilities for the possibilities of catastrophic failure of payload-bearing autonomous aerial vehicles. The drones were operated by Matternet as part of a partnership with the Swiss Post (i.e. the postal service), which was using the craft to dispatch lab samples from one medical center for priority cases. As far as potential applications of drone delivery, it’s a home run — but twice now the craft have crashed, first with a soft landing and the second time a very hard one. The first incident, in January, was the result of a GPS hardware error; the drone entered a planned failback state and deployed its emergency parachute, falling slowly to the ground. Measures were taken to improve the GPS systems. The second failure in May, however, led to the drone attempting to deploy its parachute again, only to sever the line
Post a Comment
Read more

ProtonMail logged IP address of French activist after order by Swiss authorities

ProtonMail , a hosted email service with a focus on end-to-end encrypted communications, has been facing criticism after a police report showed that French authorities managed to obtain the IP address of a French activist who was using the online service. The company has communicated widely about the incident, stating that it doesn’t log IP addresses by default and it only complies with local regulation — in that case Swiss law. While ProtonMail didn’t cooperate with French authorities, French police sent a request to Swiss police via Europol to force the company to obtain the IP address of one of its users. For the past year, a group of people have taken over a handful of commercial premises and apartments near Place Sainte Marthe in Paris. They want to fight against gentrification, real estate speculation, Airbnb and high-end restaurants. While it started as a local conflict, it quickly became a symbolic campaign. They attracted newspaper headlines when they started occupying prem
Post a Comment
Read more