Docsumo secured $3.5 M to assist businesses make automated choices based on client documents
Docsumo, a Singapore-based AI firm that helps businesses make automated choices based on client documents, has received a $3.5 million early investment.
Common Ocean, a fintech VC firm located in New York, led the round, which also included Fifth Wall (US), Arbor Realty Trust (US), and Better Capital (India), all of which had previously participated in the company’s seed round.
Docsumo intends to use the new capital to develop its workforce and expand its customer base in the North American market. It also intends to expand its solutions to include more use cases, including client onboarding, income verification, financial fraud detection, data for underwriting, and other crucial, day-to-day functions presently handled by analysts.
Docsumo, founded by Rushabh Sheth (CEO) and Bikram Dahal (CTO) in January 2019, assists businesses in capturing, validating, and analysing data from unstructured documents in order to make automated choices. Its primary technological platform assists commercial lenders and insurers in reading financial accounts, tax returns, insurance policies, and other documents necessary for loan and insurance applications.
The majority of document processing is outsourced to Asian nations like India, where whole floors of individuals handle financial industry applications. Docsumo uses machine learning technology to automate one of the most basic human activities: reading text.
CEO Sheth 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 extract data from business documents with a high degree of structural variability and automate decisioning workflows end-to-end.”
Docsumo has increased its workforce in Mumbai, India, and Kathmandu, Nepal, and has seen a 6x revenue rise in the last year. Arbor Realty Trust, National Debt Relief, Hitachi, and PayU are among the companies it presently serves in the United States, Europe, and Asia.
In 2020, Docsumo was a member of the Techstars London accelerator and secured a pre-seed round from Barclays, Sequoia, Jupiter Money’s Jiten Gupta, and Pine Labs’ Amrish Rau.
