CIBC Innovation Banking Leads Syndicated Debt Financing Solution for Actionstep

CIBC Innovation Banking announced today that it has committed non-dilutive funding to Rossum, an AI-powered transactional document automation platform. Rossum will use the funding to bolster and secure its already strong position in the market.

Rossum’s unique, customer-focused platform automates the full lifecycle of transactional documents: from ingesting invoices and analyzing the data, to document approvals. Designed to complement human work, Rossum’s UI optimizes the synergy between human expertise and automation for maximal business value.

Founded in 2017 following a Ph.D. research topic by Tomas Gogar (CEO), Petr Baudiš (CTO), and Tomáš Tunys (Chief Science Officer), Rossum has rapidly established itself as a key player in the AI-powered Intelligent Document Processing (IDP) industry. In addition to it recently becoming an official SAP partner, several analyst firms including IDC and Deep Analysis have identified it as a leader in its sector.

“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,” said Tomas Gogar, CEO of Rossum, “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.”

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.

“We are delighted to be supporting Rossum as its document processing platform continues to expand and evolve,” said Tom Dods, Director of CIBC Innovation Banking in the UK. “Rossum’s AI technology is creating 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 is backed by venture capital firm General Catalyst, LocalGlobe, Seedcamp, Miton, and Elad Gil, and to date, has raised a total of $109.5M.

About CIBC Innovation Banking

CIBC Innovation Banking delivers strategic advice, cash management and funding to innovation companies across North America, the UK and select European countries at each stage of their business cycle, from startup to IPO and beyond. With offices in Atlanta, Austin, Boston, Chicago, Denver, Durham, London, Menlo Park, Montreal, New York, Reston, Seattle, Toronto and Vancouver, the team has extensive experience and a strong, collaborative approach that extends across CIBC’s commercial banking, private banking, wealth management and capital market businesses.

About Actionstep

Actionstep is a fast-growing, dynamic legal SaaS (Software as a Service) business with a global customer base, including 35,000 users globally. Actionstep delivers a comprehensive legal practice management cloud platform to midsize law firms looking for an adaptable, extendable solution. Using workflow and automation to connect all the work of law firms in one platform, including Matter Management, CRM, Document Assembly and Management, Time and Billing, Payments, Trust and Office Accounting, Reporting, and more, Actionstep helps law firms build their advantage. Visit www.actionstep.com to learn more.