Mumbai-based DocSumo, a document AI startup, has raised seed funding of $220,000 from Better Capital, TechStars, and Barclays. DocSumo 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 former Rocket Internet executive Rushabh Sheth (CEO), and Bikram Dahl (CTO), DocSumo’s technology platform helps to automate and analyse financial data such as bank statements, pay stubs, tax data, and business financial documents. It helps companies and firms to convert unstructured documents into structured data.
Using various analytics techniques and data science, DocSumo helps its clients reduce turnaround times and increase accuracy and efficiency of the underwriting process. The startup claims that it helps financial services companies to save up to 70 percent of office costs through document data capture, analytics and fraud detection.
DocSumo also offers a range of API products for reading ID cards, bank statements and tax returns, and is currently working with lenders in India such as PaySense (acquired by PayU) to enable real-time customer onboarding. The company said that it is already working with some insurers in the US to enable reading of policy documents. The company in its statement said that going forward, DocSumo plans to build a suite of API products that will help lenders and insurers to automate their operations, thereby providing better customer experience.