Docsumo startup

Document artificial intelligence (AI) startup, Docsumo has raised $220K seed funding from Better Capital, Techstars and Barclays. Better Capital is an early stage venture firm with fintech investments in notable companies like Rupeek, Open, Khatabook and YAP.

“Documents are the starting point of thousands of workflows at small & large organizations across industries. DocSumo is building on the cutting edge advancements in computer vision and natural language processing to extract data and context inside documents to enable automation of document workflows like never before. At Better, we are excited to be part of DocSumo’s journey as it unlocks this large and growing Document AI opportunity.”

Vaibhav Domkundwar, founder and CEO, Better Inc.

DocSumo will use this investment to strengthen its product, marketing and sales engine, and also foray into newer markets like the USA. Additionally, the company plans to build a suite of API products that will help lenders and insurers to automate their operations. They also plan on improving the customer experience with this technology.

“Our aim is to build a ground-breaking AI solution that can read documents the way humans do and make data trapped in those documents actionable,” Rushabh Sheth, founder and CEO of Docsumo said.

Rushabh Sheth, founder and CEO, Docsumo

DocSumo, which is headquartered in Singapore, was founded by Rushabh Sheth and Bikram Dahl. Docsumo provides intelligent workflow automation for financial services companies to save back office costs by up to 70% through document data capture, analytics and fraud detection.

It is working with PaySense and others to enable real-time customer on-boarding and also with insurers in the USA to enable reading of policy documents. It works with documents in any format without manual setup, auto validates the extracted data and seamlessly integrates with other software.

Docsumo is currently piloting with multinational firms such as Northern Trust, Axa and Accenture. As  a 10-month-old bootstrapped startup, Docsumo generates $150k in annual recurring revenue.

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