Document AI startup, Docsumo raises $3.5 million in seed capital, led by Common Ocean. Fifth Wall, Arbor Realty Trust and existing investor Better Capital also participated in this round.
The freshly raised fund will be used to expand its client base in North American market and grow the team.
Based out of Singapore, Docsumo was founded in 2019 by Rushabh Sheth and Bikram Dahal. The document AI startup helps enterprises make automated decisions from customer documents. It helps enterprises capture, validate and analyze data from unstructured documents for automated decisions. Docsumo’s core technology platform helps commercial lenders and insurers read financial statements, tax returns, insurance policies & other documents required for credit & insurance applications.
Commenting on the investment, Rushabh said, ”We enable companies to unlock 10x efficiency and act on incoming documents in real time. What differentiates Docsumo is that the technology can accurately extract data from business documents with a high degree of structural variability, and automate decisioning workflows end-to-end.”
Over the last 12 months, Docsumo has grown its team in Mumbai, India and Kathmandu, Nepal, and has experienced a 6X revenue increase. It currently services major enterprises in the US, EU, and Asia, including Arbor Realty Trust, National Debt Relief, Hitachi, PayU, and many others. Docsumo was previously part of the Techstars London accelerator in 2020 and raised a Pre-Seed round from Barclays, Sequoia, Jiten Gupta of Jupiter Money &; Amrish Rau of Pine Labs among others.
“We’ve deployed Docsumo’s technology across our portfolio companies and have seen firsthand how effective it is at automating critical business decisions. The team has been amazing to work with and we are excited to join their journey as they unlock opportunities to apply AI/ML to business processes,” commented Igor Ulis, General Partner at Common Ocean who led the round.
With this new investment, Docsumo plans to continue to grow its products to cover additional use cases – customer onboarding, income verification, financial fraud detection, data for underwriting, and other critical, everyday tasks currently handled by analysts. “Covid has propelled enterprise automation and further API-fication of business processes, both great tailwinds towards faster adoption of our software.” said Rushabh.
