Rossum, Humanising Autonomy and CFC Grab Funding

London is buzzing for an AI-based cloud document gateway, a behaviour AI firm and an insurtech.

There’s a healthy tech mix as the London-based trio of Rossum, Humanising Autonomy and CFC have all got some funding. 

AI-based cloud document gateway Rossum raised a “record” $100 million (£72.5 million) Series A from General Catalyst.

Humanising Autonomy, which uses behaviour AI for automation, secured an $11 million (£8 million) Series A funding round.

Meanwhile, insurtech CFC was decidedly shy and didn’t disclose the amount. Its investment was joint-led by private equity firms EQT and Vitruvian Partners.

Rossum Full of Eastern Promise

Rossum has its roots in Prague but is now based in the UK capital. Founded in 2016 by AI PhD students Tomas Gogar, Petr Baudis and Tomas Tunys who dropped out of university to start the business.

The firm lets businesses send documents to each other. Its funding round was led by General Catalyst in “Eastern Europe’s largest ever Series A”. Previous investors, including LocalGlobe, Seedcamp, Miton and Elad Gil are participating.

“It is remarkable that three AI scientists from Prague dropped out from academia to start a business and five years later they are leading a company of 140, serving some of the world’s top brands and building something exceptional,” comments Reshma Sohoni, Founding Partner at Seedcamp.

Rossum has seen year-on-year growth of five times in the last 12 months, and provides robotic process automation to businesses and startups. Its AI-based B2B platform can be used to exchange and process all sorts of documents, “without overhauling the existing infrastructure of email and PDF documents”.

Over 150 European companies including Bosch, Siemens, Veolia, EY and Adyen are using the platform to exchange and process documents such as invoices, purchase orders, quotations, financial statements and customs declarations. The gateway also integrates documents with other enterprises systems, such as SAP and Oracle.

The funding will be used to hire more staff in engineering and AI. The funds will also be used to open new company hubs in the US, Europe and Asia and open a research centre in Prague, dedicated to B2B document communication, in co-operation with Czech universities.

It plans to expand its product and partner ecosystem around specific sectors including finance, logistics, insurance and order management.

Prior to this round, Rossum says it previously raised $9.5 million (£6.9 million) in total.

Oh the Humanising Autonomy 

Humanising Autonomy uses modular, low-power computer vision technology to understand and predict human behaviour.

Its funding round was co-led by Beacon Capital and Emellience Partners, the investment arm of Nihon Unisys Group. The funding will be used for cloud-based deployment into additional industries and geographic markets. It follows a $6 million (£4.3 million) Seed round and brings the total capital raised to $17 million (£12.3 million).

“People are interacting with machines more than ever before,” says Maya Pindeus, Co-Founder and CEO of Humanising Autonomy. “Whether we’re walking, shopping, driving, looking at billboards or just being at work, our world is laden with automation that doesn’t understand how people behave. That lack of human context leads to inefficient decisions by the machine, uninformed operational strategies by the business responsible for them and, ultimately, a poor experience for us as people.”

The firm was founded in 2017 and has partnered with chip manufacturers such as Ambarella and launched new cloud-based products this year.

The company is set to launch products for advertisement effectiveness, smartphone applications, and construction and warehouse safety in 2022. It will also expand its existing offerings within the automotive and dashcam industry, where Humanising Autonomy’s software can alert drivers in real-time of potential safety incidents and inform fleet management systems of risky driving situations.

Humanising Autonomy will also use this investment to expand its team across Europe, Asia and North America.

The Series A round saw participation from new and existing investors, including Anthemis Group, Global Brain Corporation, Synapse Partners, Amplifier, Aken Capital and Guy Hands, founder and chairman of Terra Firma Capital Partners.

CFC, SME, CEO

Fintech firm CFC offers an insurance platform. It writes 50 products across 20 different classes of specialist insurance focused primarily on SME businesses.

It works with more than 100,000 businesses in over 90 countries, and CFC’s proprietary insurance platform offers underwriting via data science and threat intelligence to “anticipate risk and protect clients”.

It’s not clear what the funding will be used for but Dave Walsh, CFC Founder and Group CEO, comments: “As we look ahead, we see a risk landscape that is rapidly shifting, with ever-expanding cyber threats, new insurance challenges presented by intangible assets and evolving risks in rapid growth sectors.”

The company has grown its employee count over the past three years and has more than 500 staff located across the UK, US, Europe and Australia. Earlier in the year CFC also launched its own Lloyd’s Syndicate.

It has an annual premium run rate in excess of £750 million and delivered an organic EBITDA CAGR of 35% over the last five years.

CFC also has offices in New York, Austin, Brussels and Brisbane. It was founded in 1999.

Antony Peyton
Antony Peyton is the Editor of eWeek UK and has 17 years' journalism and writing experience. His career has taken him to China, Japan and the UK - covering tech, fintech and business. Follow on Twitter @TonyFintech.

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