Document AI startup Docsumo raises USD 3.5 million funding

NL Today

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Kathmandu: Docsumo, a document AI startup that helps enterprises make automated decisions from customer documents has recently raised $3.5 million in seed capital.

The company was co-founded by a Young Nepali Data Scientist turned entrepreneur Bikram Dahal along with his Indian counterpart Rushabh Sheth in January 2019.

The startup’s core technology is fueled by Nepal’s homegrown data scientists and engineers that helps businesses read financial documents automatically and make decisions based on it, Docsumo said in a press release.

The investment round was led by Common Ocean with participation from Fifth Wall, Arbor Realty Trust, and existing investor Better Capital. The startup plans to utilize the fresh funds to expand its growing team in Nepal & India, and grow its client base in the North American market.

Commenting on the investment, Bikram said, “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.”

With this new investment, Docsumo plans to continue to grow its products to cover additional use cases – 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.