AI Startup Docsumo Nets $3.5M In Seed Funding To Expand Its Market
The Singapore-based AI startup Docsumo gathered funding of $3.5M to instigate its expansion to North American markets and grow its team.
Headquartered in Singapore Docsumo, the document AI startup that aids enterprises in making automated decisions from customers’ documents has raised $3.5 Million in seed funding. The round was led by Common Ocean with participation from Arbor Realty Trust, Fifth Wall, and existing investors Better Capital.
AI technology has made its way in almost every sector of society from education to healthcare and businesses. Assuredly its wide range of advantages cannot be denied. That’s why startups based on AI technology are popping up in healthcare, education, etc, and are receiving huge funding from investors. As recently an AI-based startup called RosterLab which offers 10 times faster roster-building than any other manual process has received funding of NZ$ 500k.
Similarly, another AI-driven startup Actable AI gathered funding of €1M. Recently, another AI startup Unique gathered funding of $6M. AI Startups receiving such a hefty amount of funding indicates that global artificial intelligence is going to grow exponentially. As per the stats, it is going to value up to $997.77 billion in 2028.
Docsumo is now the latest AI startup to receive heavy funding founded in 2019, by Rusbah Sheth and Bikram Dahal.
What Docsumo does?
The startup helps the enterprises in capturing and validating unstructured documents to facilitate decision-making. Its core technology helps commercial lenders and insurers to read financial statements, tax returns, and other documents required for credit and insurer applications. It actually applies machine learning technology to automate a core aspect of what humans do whilst reading text.
Because of this unique and vital technology solution, the startup has successfully gathered a huge amount of funding. Rusbah Sheth, talking about the startup and commenting on the funding said
“We enable companies to unlock 10x 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.”
Docsumo has grown Exponentially:
In the last 12 months, the AI startup has grown its team in India, Nepal and has witnessed an increase in revenue up to 6 times. It is currently providing its services in the US, EU, and Asia and has some of the biggest clients like Hitachi, PayU and National Debt Relief, etc. It was also previously part of Techstars London accelerators.