(Last Updated On: August 16, 2020)
Kathmandu, August 16, 2020: Document AI (AI) startup, DocSumo 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, et al. Global accelerators TechStars and Barclays also participated during this round making the entire raised for the corporate to $220K. The start-up provides intelligent workflow automation for financial services companies to save lots of 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 Venture in Asia and Bikram Dahal (CTO), who was leading business intelligence and data science for an equivalent firm. The startup has its engineering team based out of Kathmandu, Nepal, and head office in Mumbai. Seeing the top 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 create Docsumo.
The document AI market is valued at $1.5 billion globally and with recent advancements in computer vision, it’s growing 70% annually. DocSumo’s core technology platform helps within the automation and analysis of monetary data like 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 the 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 individuals do mundane tasks of entering data and verifying documents. Not only is it costly and takes an extended time, but it’s also error-prone. Using tongue processing, DocSumo automates the reading of documents to enable companies to form faster and accurate decisions. We aim to create a ground-breaking AI solution which will 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 raid newer markets just like the USA. Going forward, the corporate plans to create a set of API products which will help lenders and insurers to automate their operations thereby providing a far better customer experience.
“Documents are the start line of thousands of workflows at small & large organizations across industries. DocSumo is building on the leading edge advancements in computer vision and tongue processing to extract data and context inside documents to enable automation of document workflows like never before. At Better, we are excited to be a part of DocSumo’s journey because it unlocks this massive and growing Document AI opportunity”, said Vaibhav Domkundwar of higher Capital.
Other than saving time and money, Docsumo features a range of API products for reading ID cards, bank statements, and tax returns. they’re currently working with large lenders in India like PaySense (acquired by PayU) to enable real-time customer onboarding and also with insurers within the USA to enable reading of policy documents.