California based start-up Docyt has secured USD 1.5 million in seed funding round on 25th of February 2021, led by First Ray Venture Partners.
Investors: The acquisition of USD 1.5 million was held in a seed round led by First Ray Venture Partners along with the involvement of previous investors like Morado Ventures, AME Cloud Ventures and Xplorer Capital.
What the funding is for: The fresh funding would be utilized for their ML based accounting automation platform. According to sources the company is also aiming to expand their reach all over the world.
Founders of the company: Sidharth Saxena and Sugam Pandey
About the company: Docyt is a privately held organization which operates under the computer software industry. Its headquarters is located in Santa Clara, California and has a work strength of approximately 11-50 employees. They also deal with various specialties like accounts payable, bookkeeping and machine learning.
What the CEO has to say: “Docyt is the first company to apply AI across the entire accounting stack. Docyt software’s AI powered data extraction, auto categorization and auto reconciliation are unparalleled. It’s an enterprise level, powerful solution that’s affordable and accessible to small and medium businesses. For new transactions you sometimes have to train the system by entering some of this information by hand but over time, Docyt should be able to do most of this automatically and then sync your data QuickBooks.” — Sidharth Saxena, Co-founder of Docyt.
“In its earliest days, Docyt was a secure sharing platform with a focus on mobile. Some of this is still in the company’s DNA, with its focus on being able to pull in financial documents and then reconciling that with a business bank transaction. While other systems may put the emphasis on transaction data, Docyt’s emphasis on documents. That means you can forward an emailed receipt to the service and it can automatically attach this to a financial transaction from your credit card or bank statement.” — Sugam Pandey, Co-founder of Docyt.
What the investors have to say: “Docyt is a product for the small business owners who find accounting very complex, who are very experienced on how to run and grow their business but not really an expert in accounting. At the same time businesses who are graduating out of QuickBooks small business owners sometimes become midsized enterprises as well. They start growing out of their accounting systems like QuickBooks and looking for more sophisticated systems like NetSuite and Sage. And Docyt fits in that space as well, extending the life of QuickBooks such as business owners so they do not have to change their systems.” — General Manager at First Ray Venture Partners.
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