The startup provides workflow automation for financial services companies to save back office costs by upto 70% through document data capture, analytics and fraud detection.
DocSumo, which is headquartered in Mumbai, was founded by Rushabh Sheth (CEO), ex-Managing Director of Rocket Internet in Asia and Bikram Dahl (CTO), who was in 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, the duo leveraged their data science and software engineering expertise to build Docsumo.
The document AI market is valued at $1.5 billion globally and with recent advancements in computer vision, it is growing 70% annually. DocSumo’s technology platform helps in the automation and analysis of 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.
In a statement, Rushabh Sheth said, “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 AI solution that can read documents the way humans do and make data trapped in those documents actionable.”
DocSumo will use this investment to strengthen its product, marketing and sales engine, and also foray into newer markets like the USA. Going forward, the company plans to build a suite of API products that will help lenders and insurers to automate their operations thereby providing better customer experience.
“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,” said Vaibhav Domkundwar of Better Capital, in a statement.
Docsumo is currently working with PaySense and others to enable real-time customer onboarding and also with insurers in the USA to enable reading of policy documents.