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Docsumo, a document AI startup has raised $3.5 MN funding in seed capital. The company seeks to use the funds to expand its team and create jobs in Nepal and India.
Docsumo is an intelligent AI venture that helps enterprises draw automated decisions from customer documents. The company is co-founded by young Nepali Data scientist turned entrepreneur Mr. Bikram Dahal, and his Indian counterpart, Mr. Rushabh Sheth. The duo started the company in January 2019.
The startup’s core technology is driven by Nepal’s domestic Data Scientists and engineers. They help businesses read financial documents automatically and make decisions without human intervention.
Ducsumo’s 3.5 million (approx. 43 crores NPR) funding came with Common Ocean in lead. Other investors included Fifth Wall, Arbor Realty Trust, and existing investor Better Capital. With this round of funding, the startup plans to expand its growing team in Nepal and India, and grow its client base in the North American market. Meanwhile, the company expects to create hundreds of new jobs across Nepal and India.
The story begins with Bikram Daha, the company’s CTO struggling to keep up with the manual entry of data in his college days. He used to work as a clear and engaged in troublesome data entry as he manually typed them. Seeking to sort it out, he assessed the nitty-gritty of the task. Then, he decided to build an intelligent technology that could automate a core aspect of what a human hand does. That is to read a text. Then the idea of Docsumo dawned on him.
About the investment, Bikram says, “From day one, we had this belief that we can build global saas software from Nepal. We have 25 Data Scientists and Engineers working in Kathmandu at present – we are planning to take this number to 100 by the end of this year. Our aim is to help Nepal become a technology hub like Israel. ”
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The company started in early 2019 and continues to expand. Coming to early 2022, it has created quite a stir. In the last 12 months, the venture has grown its team in Kathmandu, Nepal, and raised higher financial potentials. To point out, the company raked in a 6X revenue increase. It is currently serving major enterprises in the US, EU, and Asia.
Previously, Docsumo was part of the Techstars London accelerator in 2020. There it rased a Pre-Seed round from Barclays, Sequoia, Jiten Gupta of Jupiter Money, and Amrish Rau of Pine Labs among others.
“We’ve deployed Docsumo’s technology across our portfolio companies and have seen firsthand how effective it is at automating critical business decisions. The team has been amazing to work with and we are excited to join their journey as they unlock opportunities to apply AI/ML to business processes,” commented Igor Ulis, General Partner at Common Ocean who led the investment round.
The $3.5 mn funding for Docsumo will help it grow its products and cover more use cases. These can range from customer onboarding, income verification, financial fraud detection, data for underwriting, and other critical, everyday tasks currently handled by analysts.
“Covid has propelled enterprise automation and further API-fication of business processes, both great tailwinds towards faster adoption of our software.” said Rushabh Seth, the CEO of the evolving company.
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