Docsumo, a document AI startup that helps enterprises make automated decisions from customer documents has recently raised $3.5 Million (approximately 43 crores NPR) in seed capital. Last year, Docsumo raised $220,000 seed funding from Better Capital with further participation of global accelerators TechStars and Barclays.
Initiated in January 2019, the company was co-founded by a young Nepali Data Scientist turned entrepreneur, Mr. Bikram Dahal together with his Indian counterpart Mr. Rushabh Sheth. Its core technology is powered by Nepal’s homegrown Data Scientists and Engineers thereby helping businesses read financial documents automatically to take decisions accordingly.
This time, the investment round was led by Common Ocean with participation from Fifth Wall, Arbor Realty Trust, and existing investor Better Capital. Hence, Docsumo looks forward to utilizing the funds to further expand its team in Nepal as well as India whilst growing its client base in the North American market.
The co-founder, Mr. Dahal was a data entry clerk back in his college days. He stated that he got to experience difficulties in the manual entry. He said that he decided to build technology to solve the issue through automation, particularly, automation in reading text. He commented, “From day one, we had this belief that we can build global saas software from Nepal. We have 25 Data Scientists and Engineers working in Kathmandu at present – we are planning to take this number to 100 by the end of this year. Our aim is to help Nepal become a technology hub like Israel.”
Docsumo has grown its team in Kathmandu, Nepal over the last 12 months with a 6X increase in revenue. Right now, it is serving major enterprises in the United States, the European Union, and Asia.
Meanwhile, Igor Ulis, General Partner at Common Ocean who led the recent investment round stated, “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.”
The fresh fund will be used to grow its products to cover additional use cases including customer onboarding, income verification, financial fraud detection, data for underwriting, and other critical, everyday tasks that are currently handled by analysts.
Also, Co-founder Rushabh Sheth had his share of thoughts sharing, “Covid has propelled enterprise automation and further API-fication of business processes, both great tailwinds towards faster adoption of our software.”