(L-R) Docsumo Co-Founders Bikram Dahal (CTO) and Rushabh Sheth (CEO)
Singapore-headquartered Docsumo, an AI startup to help enterprises make automated decisions from customer documents, has announced a US$3.5 million seed investment.
New York-based fintech VC firm Common Ocean led the round, which also saw participation from Fifth Wall (US), Arbor Realty Trust (US), and Better Capital (India), which invested in its previous seed funding round.
Docsumo plans to utilise the fresh funds to expand its client base in the North American market and grow the team. It also plans 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.
Founded in January 2019 by Rushabh Sheth (CEO) and Bikram Dahal (CTO), Docsumo helps enterprises capture, validate and analyse data from unstructured documents for automated decisions. Its core technology platform helps commercial lenders and insurers read financial statements, tax returns, insurance policies and other documents required for credit and insurance applications.
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Most document processing is outsourced to Asian countries such as India, where whole floors of people process applications for financial services. Docsumo applies machine learning technology to automate a core aspect of what humans do — reading text.
CEO Sheth 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, and PayU.
Docsumo was part of the Techstars London accelerator in 2020 and raised a pre-seed round from Barclays, Sequoia, Jiten Gupta of Jupiter Money, and Amrish Rau of Pine Labs.
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