DocSumo, a document AI startup based in Mumbai with Engineering team based in Kathmandu, Nepal has raised $220,000 seed funding from Better Capital with further participation of global accelerators TechStars and Barclays. The Better Capital is an early-stage venture firm with fintech investments in notable companies like Rupeek, Open, Khatabook, YAP, and more. DocSumo looks forward to using the fund to build sales channels in the USA and strengthen its products to unlock new use cases.
Founded in the year 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, DocSumo has been providing intelligent workflow automation for financial services companies to save back-office costs by up to 70% through document data capture, analytics, and fraud detection. Both of them would see the finance head at their previous firm spending days in reconciling invoices with bank statements, hence decided to come up with a solution leveraging data science and software engineering in the form of DocSumo.
DocSumo is helping to automate and analyze financial data including bank statements, pay stubs, tax data, and business financial documents. It serves companies and firms to convert unstructured documents into structured data. And it uses analytical techniques and data science to serve clients in order to reduce turnaround time thereby increasing the accuracy and efficiency of the underwriting process. Now, all of these are significant considering the global document AI market valued at $1.5 billion with recent advancements in computer vision and annual growth by 70%.
On the core value proposition, the Founder and CEO, Rushabh Sheth 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.”
Similarly, Vaibhav Domkundwar from Better Capital stated, “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.”
DocSumo will be using the investment to strengthen its products, marketing, and sales engine as well as a foray into newer markets such as the USA. Going forward, it even plans to build a suite of API products, helping lenders and insurers to automate their operations thereby providing a better customer experience.
On the other hand, the company also comprises a range of API products for reading ID cards, bank statements, and tax returns. Currently, it is working with large lenders in India including the likes of PaySense to enable real-time customer onboarding and the US-based insurers to enable policy documents reading.