Docsumo, a Singapore-based document AI startup that helps enterprises make automated decisions from customer documents, raised $3.5 million in seed capital.
The round was led by Common Ocean, with participation from Fifth Wall, Arbor Realty Trust, and existing investor Better Capital.
The startup plans to utilize the fresh funds to expand its client base in the North American market and grow the team. With this new investment, Docsumo plans 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.
Company: Docsumo Pte Ltd.
Raised: $3.5M
Round: Seed Round
Funding Month: March 2022
Lead Investors: Common Ocean
Additional Investors: Fifth Wall, Arbor Realty Trust, and Better Capital
Company Website: https://docsumo.com/
Software Category: Document AI software
About the Company: Founded in Jan 2019, by Rushabh Sheth and Bikram Dahal, Docsumo is a document AI software with Intelligent OCR technology that helps you convert unstructured documents such as pay stubs, invoices, and bank statements to actionable data. Works with documents in any format with minimal setup. Docsumo helps enterprises capture, validate & analyze data from unstructured documents for automated decisions. The startup’s core technology platform helps commercial lenders, insurers read financial statements, tax returns, insurance policies & other documents required for credit & insurance applications. Over the last 12 months, Docsumo has grown its team in Mumbai, India, and Kathmandu, Nepal, and has experienced a six times revenue increase. It currently services major enterprises in the US, EU, and Asia, including Arbor Realty Trust, National Debt Relief, Hitachi, PayU, and many others. Docsumo was previously part of the Techstars London accelerator in 2020 and raised a Pre-Seed round from Barclays, Sequoia, Jiten Gupta of Jupiter Money & Amrish Rau of Pine Labs among others.
Source: http://bwdisrupt.businessworld.in/article/Document-AI-Startup-Docsumo-Raises-3-5-M-Plans-To-Expand-In-North-American-Market-/03-03-2022-421971/ https://www.docsumo.com/blog/docsumo-fundraise-update