Mumbai-based document AI startup DocSumo has raised US$ 220K in a seed funding round held in August 2020, from Better Capital, an early-stage venture firm and global accelerators TechStars and Barclays.
Rushabh Seth, former Managing Director of Rocket Internet in Asia and Bikram Dahl, his co-worker in the same firm founded DocSumo in 2019. The startup offers data entry & document workflow automation software. Docsumo takes data from unstructured documents such as invoices & bank statements and places them into structured arrangements such as CSV, JSON, XML and Excel. The software comes with an inbuilt review and editing tool which makes data entry operations 50% cheaper. With the use of AI, they eliminate the need for a physical/manual setup or templates. The process is as easy as uploading or emailing your invoices & bank statements to Google Drive and transferring the captured data to any other software at the click of a button.
Their offerings are mainly used by financial services companies to reduce office costs by 70% through document data capture, analytics and fraud detection.
The startup has its engineering team based out of Kathmandu, Nepal and head office in Mumbai. The head of finance at their previous firm spent a lot time, sometimes numerous days reconciling invoices with bank statements, and this is what led the pair utilize their data science and software engineering skill to build DocSumo.
Proceeds from the latest funding round will be used to strengthen its product, marketing and sales services, and also enter new regions like the USA. As per the future, the company plans to build a collection of API products that will help moneylenders and insurers to computerize their operations thus providing a better customer experience. CEO Rushabh Seth was quoted to say, “DocSumo automates the reading of documents to enable companies to make faster and accurate decisions. Our aim is to build an AI solution that can read documents the way humans do and make data trapped in those documents actionable.”
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