Document AI startup Docsumo raises $3.5 Mn Seed FUnding led by Common Ocean

Docsumo Document AI

Singapore headquartered Docsumo, a document AI startup has raised $3.5 Million in Seed Funding 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. 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.

Founded in Jan 2019, by Rushabh Sheth and Bikram Dahal, 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 and others.

Commenting on the fundraise, Rushabh Sheth, Co-Founder of Docsumo, said, ”We enable companies to unlock ten times 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.”

“Covid has propelled enterprise automation and further API-fication of business processes, both great tailwinds towards faster adoption of our software,” Rushabh further said.

Igor Ulis, General Partner at Common Ocean, said, “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.”

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