DocSumo, a document automation/AI startup has raised seed funding from Better Capital, an early-stage venture firm with fintech investments in noteworthy companies like Rupeek, Khatabook, YAP, and others.
The other two participants in this round of investments were global accelerators TechStars and Barclays. Thereby, making the total raise for DocSumo to $220K.
The startup provides workflow automation for financial services companies to save 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 in Asia and Bikram Dahal (CTO), who was leading business intelligence and data science for the same firm.
The startup has its engineering team based out of Kathmandu, Nepal, and head office in Mumbai, India.
Seeing the head 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 build DocSumo.
What does it Do?
The document AI market is valued at $1.5 billion globally and with recent advancements in computer vision, it is growing 70% annually. 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.
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.
You can check out the demo for the product in the video below.
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 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.”
What’s next for DocSumo?
DocSumo will use this investment to strengthen its product, marketing, and sales engine, and also foray into newer markets like the USA.
Going forward, the company plans to build a suite of API products that will help lenders and insurers to automate their operations thereby providing a better customer experience.
“Documents are the starting point of thousands of workflows at small & large organizations 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.
At Better, we are excited to be part of DocSumo’s journey as it unlocks this large and growing Document AI opportunity”, said Vaibhav Domkundwar of Better Capital.
Other than saving time and money, DocSumo has a range of API products for reading ID cards, bank statements, and tax returns. They are currently working with large lenders in India such as PaySense (acquired by PayU) to enable real-time customer onboarding and also with insurers in the USA to enable reading of policy documents.