In this time of COVID 19 pandemic, DocSumo document AI startup based has raised seed funding from Better Capital, an early-stage venture firm with fintech investments in notable companies like Rupeek, Open, Khatabook, YAP, and others. Global accelerators TechStars and Barclays also participated in this round making the total raised for the company to $220000.
The company was founded in 2019 by the Chief Executive Officer (ex-managing director of Rocket Internet Venture in Asia), Rushabh Sheth, and Chief Technology Officer (ex-business intelligence and data science lead at the same firm), Bikram Dahal. Seeing the head of finance at their previous firm spend days reconciling invoices with bank statements, Rushabh and Bikram leveraged their data science and software engineering expertise to build Docsumo. The start-up provides intelligent workflow automation for financial services companies to save back-office costs by up to 70% through document data capture, analytics, and fraud detection.
DocSumo will use this investment to strengthen its product, marketing, and sales engine, and venture into newer markets like the USA. Going forward, the company plans to build a suite of API products that will help lenders and insurers to automate their operations thereby providing a better customer experience.
DocSumo’s core technology platform helps in the automation and analysis of financial data such as bank statements, pay stubs, tax data, and business financial documents.
Globally document AI market is currently valued at $1.5 Billion and is growing 70% annually. DocSumo’s core technology platform helps in the automation and analysis of financial data such as bank statements, pay stubs, tax data, and business financial documents. It helps companies and firms to convert unstructured documents into structured data. Using various analytics techniques and data science, Docsumo helps its clients reduce turnaround times and increase the accuracy and efficiency of the underwriting processes.
DocSumo is building on the cutting-edge advancements in computer vision and natural language processing to extract data and context inside documents to enable automation of document workflows like never before.
Rushabh Sheth, founder, and CEO, Docsumo during seed fundraising said, “Even today, most financial services firms outsource their back-office operations in India where thousands of people do mundane tasks of entering data and verifying documents. Not only is it costly and takes a long time, but it is also error-prone. Using natural language processing, DocSumo automates the reading of documents to enable companies to make faster and accurate decisions. Our aim is to build a ground-breaking AI solution that can read documents the way humans do and make data trapped in those documents actionable.”
“Documents are the starting point of thousands of workflows at small & large organizations across industries. DocSumo is building on the cutting-edge advancements in computer vision and natural language processing to extract data and context inside documents to enable automation of document workflows like never before. At Better, we are excited to be part of DocSumo’s journey as it unlocks this large and growing Document AI opportunity”, said Vaibhav Domkundwar of Better Capital.