Docsumo, an AI startup, co-founded by a Nepali entrepreneur has successfully raised $3.5 million in seed capital. The company has developed an OCR solution that helps businesses read financial documents. In this article, we will be learning more about the AI startup and how it’s utilizing Nepalese talent.
Docsumo Overview:
Docsumo is an AI startup co-founded by Mr. Bikram Dahal (Nepal) and Mr. Rushabh Sheth (India) in January of 2019. The startup is automating the accounting process with its AI-backed Optical Character Recognition software. It eliminates the need for manual data entry, saving valuable time. In addition, it frees accountants from boredom.
Docsumo can read and extract information from invoices, work orders, purchase orders, delivery notes, contracts, and even applications. Likewise, it can also present the data in a tabular form and help in decision-making.
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The startup claims that its OCR technology can reduce the processing by 70% and increase efficiency by 50%.
Docsumo’s core technology is fueled by Nepal’s homegrown data scientists and engineers. Currently, there are 25 data scientists and engineers in Docsumo. Based in Kathmandu, the team serves clients from the US, EU, and Asia. Over the last 12 months, Docsumo has reported a 6x revenue increase.
Seed Fund
Docsumo was part of Techstars London Accelerator in 2020, where it was able to secure a pre-seed round from Barclays, Sequoia, Jiten Group of Jupiter Money, and Amrish Rau of Pine Labs.
It has now raised USD 3.5 million in seed capital from Common Ocean, Fifth Wall, Arbor Realty Trust, and Better Capital. The fund will now go into the startup’s expansion into the North American market.
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