‘DocSumo’ raises $220k seed funding from Better Capital, Techstars and Barclays
DocSumo, document AI startup founded in 2019, raises 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 raise for the company to $220K. 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, which is headquartered in Mumbai, was founded by Rushabh Sheth (CEO), ex-Managing Director of Rocket Internet in Asia and Bikram Dahl (CTO), who was leading business intelligence and data science for the same firm. The startup has its engineering team based out of Kathmandu, Nepal and head office in Mumbai. 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 document AI market is valued at $1.5 billion globally and with recent advancements in computer vision, it 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 accuracy and efficiency of the underwriting process.
Speaking about its core value proposition, Rushabh Sheth, founder and CEO, Docsumo 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.”
DocSumo will use this investment to strengthen its product, marketing and sales engine, and also foray 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 better customer experience.
“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.
Other than saving time and money, Docsumo has a range of API products for reading ID cards, bank statements and tax returns. They are currently working with large lenders in India such as PaySense (acquired by PayU) to enable real-time customer onboarding and also with insurers in the USA to enable reading of policy documents.