[Funding Alert] Mumbai-based DocSumo raises $220K from Better Capital, Techstars, Barclays; eyes global expansion
Mumbai-based DocSumo, a document AI startup, has raised seed funding of $220,000 from Better Capital, TechStars, and Barclays. DocSumo will use this investment to strengthen its product, marketing, and sales engine, and also foray into newer markets like the US.
Started in 2019 by former Rocket Internet executive Rushabh Sheth (CEO), and Bikram Dahl (CTO), DocSumo’s technology platform helps to automate and analyse financial data such as 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 accuracy and efficiency of the underwriting process. The startup claims that it helps financial services companies to save up to 70 percent of office costs through document data capture, analytics and fraud detection.
Rushabh Sheth, Founder and CEO, DocSumo 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.”
DocSumo also offers a range of API products for reading ID cards, bank statements and tax returns, and is currently working with lenders in India such as PaySense (acquired by PayU) to enable real-time customer onboarding. The company said that it is already working with some insurers in the US to enable reading of policy documents. The company in its statement said that going forward, DocSumo plans to build a suite of API products that will help lenders and insurers to automate their operations, thereby providing better customer experience.
“Documents are the starting point of thousands of workflows at small and large organisations 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”, said Vaibhav Domkundwar of Better Capital.
Better Capital, an early-stage venture firm, has previously invested in companies such as Rupeek, Open, Khatabook, YAP, and others.
Edited by Kanishk Singh