Docsumo, a Document AI startup raised $3.5 Mn in seed funding, the startup helps enterprises make automated decisions from customer documents. The round was led by the Common Ocean with participation from Fifth Wall, Arbor Realty Trust, and existing Investor Better Capital.
The funds collected will be used to expand to its client base in the North American market and grow the team.
Docsumo is a San Francisco and Mumbai-based startup, founded in January of 2019, by Rushabh Sheth and Bikram Dahal. Document AI software for capturing and analysing documents. It helps companies make quick and accurate decisions by converting unstructured documents such as invoices, bank statements, tax returns, and forms into actionable data.
Docsumo was founded with the desire to free founders, COOs, accountants, and purchasing managers from manual data entry. Automatic data extraction from documents saves time and money by reducing data entry and manual steps by 95%. Solutions provided by Docsumo include automated invoice processing, bank statement processing, order automation, tax form processing, legal agreement processing, and PDF form processing.
Throughout the year, the startup has grown its team of over 20 members in Mumbai, India, and Kathmandu, Nepal, and states to have a 6x revenue increase, doubling sales. It currently serves major US, EU, and Asian companies such as Arbor Realty Trust, National Debt Relief, Hitachi, and PayU. Docsumo will be part of the Techstars London Accelerator in 2020, hosting the PreSeed rounds of Jupiter Money & amp;’s Barclays, Sequoia, and Jiten Gupta. Above all, Amrish Rau from Pine Labs.
Rushabh Sheth, Co-Founder of Docsumo, while talking about the investment said, “WE enable companies to unlock 10x efficiency and act on incoming documents in real-time. What differentiates Docsumo is that the technology can accurately exact data from business documents with a high degree of structural variability, and automate decisioning workflows end-end.”
Igor Ulis, General Partner at Common Ocean who led the round commented “We’ve developed Docsumo’s technology across our portfolio companies and have seen first-hand how effective it is at automating 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.”
Rushabh added, “Covid has propelled enterprise automation and further API-fication of business processes, both great tailwinds towards faster adoption of our software.”
The startup Docsumo has plans to use the new investment 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.
India’s artificial intelligence (AI) market is growing rapidly. By 2025, it is expected to reach $ 7.8 billion and grow at a CAGR of 20.2%, according to a report from International Data Corporation (IDC). It is expected to increase to a CAGR of 18.1% by 2025.
In August 2021, the customer experience automation platform Yellow.ai, led by Westbridge Capital along with Sapphire Ventures and Salesforce Ventures, raised $ 78.15 million in Series C. This round is another AI startup led by Accel along with existing investors such as Elevation Capital, Bharat Innovation Fund, BlueHill Capital and Axilor Ventures, following the Series B funding round of startups led by Lightspeed in April 2020. We have raised a total of 24M
Detect Technologies. With funding. Stride Ventures has also joined as a venture debt partner.