Document AI startup Docsumo has raised $3.5 million in seed round led by Common Ocean with participation from Fifth Wall, Arbor Realty Trust, and existing investor Better Capital.
The San Francisco and Mumbai-based startup plans to utilize the fresh funds to expand its client-base in the North American market and grow the team.
Founded in Jan 2019, by Rushabh Sheth and Bikram Dahal, Docsumo helps enterprises capture, validate and 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, the firm has grown its team in Mumbai, India and Kathmandu, Nepal, and claims to have a 6X revenue increase. It currently services major enterprises in the US, EU, and Asia, including Arbor Realty Trust, National Debt Relief, Hitachi, PayU, and others.