Acuvea Analytics Pvt. Ltd, which operates the document-focussed artificial intelligence startup DocSumo, has raised $220,000 (about Rs 1.64 crore at current exchange rates) in a seed funding round from Better Capital, TechStars, and Barclays.
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. DocSumo will use this investment to strengthen its product, marketing, and sales engine, and also foray into newer markets like the US.
DocSumo, which is headquartered in Mumbai, was founded in 2019 by Rushabh Sheth (CEO), ex-Managing Director of Rocket Internet in Asia and Bikram Dahl (CTO), who was leading business intelligence and data science for the same firm. The startup has its engineering team based out of Kathmandu, Nepal and head office in Mumbai. Seeing the head of finance at their previous firm spend days reconciling invoices with bank statements, Rushabh and Bikram leveraged their data science and software engineering expertise to build Docsumo.
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.”
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.
“Documents are the starting point of thousands of workflows at small & large organizations 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. At Better, we are excited to be part of DocSumo’s journey as it unlocks this large and growing Document AI opportunity”, said Vaibhav Domkundwar of Better Capital.
Better Capital, an early-stage venture firm, has previously invested in companies such as Rupeek, Open, Khatabook, YAP, and others.
The document AI market is valued at $1.5 billion globally and with recent advancements in computer vision, it is growing 70% annually. Using various analytics techniques and data science, Docsumo helps its clients reduce turnaround times and increase accuracy and efficiency of the underwriting process.
Recent deals in the frontier-tech segment :-
Overall investor and strategic interest in startups employing frontier technologies such as AI, Internet of Things (IoT) and machine learning has risen in the past several years.
Last week, video analytics platform Wobot raised pre-Series A funding from Sequoia Capital India. Its platform connects to closed-circuit television and other types of cameras and helps monitor process compliance.
Last month, Nexus Venture Partners led a $12 million Series A funding round in Sibros Technologies Inc., a Silicon Valley- and Pune-based startup that is focussed on connected vehicle software.
In June, enterprise AI platform NextBillion AI raised $7 million in a Series A funding round co-led by Lightspeed Venture Partners and Falcon Edge Capital.
In May, photography firm Spyne raised pre-Series A funding from AngelList, along with participation from the Smile Group.