DocSumo, document AI startup has raised seed funding of $220,000 from Better Capital, an early-stage venture firm. Global accelerators TechStars and Barclays also participated in this round.
Previously, Better Capital had invested in fintech companies like Rupeek, Open, Khatabook, YAP, among others.
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 also in the same firm.
The company provides intelligent workflow automation for financial services companies to save back office costs by up to 70 percent. The company help in cost reduction through document data capture, analytics and fraud detection. The startup has its engineering team based out of Kathmandu, Nepal.
The document AI market is valued at $1.5 billion globally and with recent advancements in computer vision, it is growing 70 per cent.
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.
Using various analytics techniques and data science, Docsumo helps its clients reduce turnaround times and increase the accuracy and efficiency of the underwriting process.
“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,” stated Rushabh Sheth, founder and CEO, DocSumo.
DocSumo will use capital to strengthen its product, marketing and sales engine, and also foray into markets like the US. Going forward, it also plans to build a suite of API products for lenders and insurers to automate their operations.