Document AI startup Docsumo has raised $3.5 mn in seed funding led by Common Ocean with participation from Fifth Wall, Arbor Realty Trust, and existing investor Better Capital.
The start-up said it would use the proceeds to expand to the North American market and grow the team.
Founded in 2019, by Rushabh Sheth and Bikram Dahal, Docsumo is document AI software with Intelligent OCR technology helps us convert unstructured documents such as pay stubs, invoices and bank statements to actionable data.
Commenting on the investment, Rushabh Sheth, Co-Founder of Docsumo, 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.”
Over the past 12 months, Docsumao has grown its team in India and Kathmandu, Nepal, and claims to have increased the company’s revenue by 6x. It currently serves major enterprises in the US, EU and Asia including Arbor Realty Trust, National Debt Relief, Hitachi, PayU and others.
“We’ve deployed Docsumo’s technology across our portfolio companies and have seen firsthand 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,” commented Igor Ulis, General Partner at Common Ocean who led the round.