DocSumo, a document AI startup that captures data from unstructured documents such as invoices & bank statements into structured formats, announced it has raised seed funding of $220,000 from Better Capital, TechStars, and Barclays.
The startup will use this investment to strengthen its product, marketing, and sales engine, and also foray into newer markets like the US.
Started in 2019 by Rushabh Sheth, and Bikram Dahl, DocSumo’s technology platform helps to automate and analyse financial data such as bank statements, pay stubs, tax data, and business financial documents.
DocSumo claims that it helps financial services companies to save up to 70 percent of office costs through document data capture, analytics and fraud detection.
Speaking about the startup, Rushabh Sheth, Founder and CEO, DocSumo said, “Even today, most financial services firms outsource their back office operations in India where thousands of people do mundane tasks of entering data and verifying documents. Not only is it costly and takes a long time, but it is also error-prone. Using natural language processing, DocSumo automates the reading of documents to enable companies to make faster and accurate decisions. 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.”
“Documents are the starting point of thousands of workflows at small and large organisations 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”, said Vaibhav Domkundwar of Better Capital.
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