Roehl Niño Bautista · · 1 min readSG document AI firm bags $3.5m in seed raise
Singapore-based Docsumo, an AI-powered document reader, has raised US$3.5 million in a seed round led by Common Ocean, with Fifth Wall, Arbor Realty Trust, and Better Capital participating.
Docsumo co-founders Bikram Dahal (left) and Rushabh Sheth / Photo credit: Docsumo
Docsumo helps businesses make automated decisions from unstructured documents. It can document, validate, and analyze data from paperwork such as financial statements, tax returns, and insurance policies.
The company was founded in 2019 by CEO Rushabh Sheth and CTO Bikram Dahal. It has teams in India and Nepal, with plans of entering the North American market.
“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,” said Sheth.
With the fresh funds, Docsumo aims to increase its use cases for automated document analysis such as customer onboarding, income verification, financial fraud detection, and data for underwriting.
See also: Series SEA: Who’s investing in the region’s AI startups?
Editing by Miguel Cordon and Lorenzo Kyle Subido
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