‘DocSumo’ raises $220k seed funding from Better Capital, Techstars and Barclays

DocSumo, document AI startup founded in 2019, raises seed funding from Better Capital , an early stage venture firm with fintech investments in notable companies like Rupeek, Open, Khatabook, YAP and others. Global accelerators TechStars and Barclays also participated in this round making the total raise for the company to $220K. The start-up provides intelligent workflow automation for financial services companies to save back office costs by up to 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 Venture in Asia and Bikram Dahal (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.