Docsumo is a startup based on document AI that helps enterprises make automated decisions from customer documents. It has recently raised $3.5 Million (approx 43 crores NPR) in seed capital.
The startup aims to utilize the fresh funds to expand its growing team in Nepal and India. Similarly, it also plans to grow its client base in the North American market.
Common Ocean directed the investment round. In which, Fifth Wall, ArborRealty Trust, and existing investor Better Capital marked their participation. Docsumo was previously part of the Techstars London accelerator in 2020. It raised a Pre-Seed round from Barclays, Sequoia, Jiten Gupta of Jupiter Money, and Amrish Rau of Pine Labs.
Over the last 12 months, Docsumo has grown its team in Kathmandu, Nepal. It has accomplished an increment in revenue by 6X. It currently serves major enterprises in the US, EU, and Asia.
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The company was founded by Mr. Bikram Dahal and Mr. Rushabh Sheth in January 2019. Nepal’s homegrown Data Scientists and Engineers are powering its core technology. It reads financial documents automatically and makes decisions based on them. This technology helps businesses significantly.
During his college days, Bikram used to be a data entry clerk and experienced how difficult and boring manual entry is. Researching about it, he realized the scale of this problem. So, he decided to build technology to solve it by automating the core aspect. Furthermore, he is planning to build global saas software from Nepal.
“We have 25 Data Scientists and Engineers working in Kathmandu at present. And, 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. ” He adds
With this new investment, Rusabh plans to continue 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.
Igor Ulis, General Partner at common Ocean expresses his work journey with the company. He mentions the deployment and testing of the technology on 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,” he commented.