$3.5 Mn raised by AI Startup Docsumo so as to expand its footprint in North America
- ByStartupStory | March 3, 2022
Docsumo, a Singapore-based AI startup, bagged $3.5 Mn in seed capital. The round had participations from Fifth Wall, Arbor Realty Trust, and existing investor Better Capital, which was led by Common Ocean. Docsumo plans to utilise the fresh funds in order to expand its client base in the North American market and focuses on to grow the team.
Docsumo was founded in Jan 2019 by Sheth and Bikram Dahal. It helps enterprises capture, validate and analyse data from unstructured documents for automated decisions. Commercial lenders, insurers read financial statements, tax returns, insurance policies and other documents required for credit, insurance applications are overlooked and helped by the core technology platform.
According to its statement, In the past 12 months, Docsumo’s team has grown in Mumbai, India and Kathmandu, Nepal, states a statement. A 6X revenue increase has been experienced, says the startup. It has further been claimed that it would provide services to major enterprises in the US, EU, and Asia. It may also include Arbor Realty Trust, National Debt Relief, Hitachi, PayU, and many others.
Previously, in 2020, the AI startup was a part of the Techstars London accelerator and has also raised Pre-Seed funding round from Barclays, Sequoia, Jiten Gupta of Jupiter Money, Amrish Rau of Pine Labs, among others. A rapid growth in India’s Artificial Intelligence (AI) market has also been noticed. “It is expected to reach $7.8 Bn by 2025 growing at a CAGR of 20.2%. It is expected to increase to a CAGR of 18.1% by 2025”, shows an International Data Corporation (IDC) report.
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