Singapore-headquartered Docsumo, which helps firms automate decisions from customer documents, has netted $3.5m in its seed funding round.
The funding round was led by Common Ocean, with commitments also coming from Fifth Wall, Arbor Realty Trust, and existing investor Better Capital.
With the funds, Docsumo plans to expand its client base in North America and hire more staff.
The proceeds will also help the company grow its platform to new use cases, including customer onboarding, income verification, financial fraud detection, data for underwriting and others.
Founded in 2019, Docsumo helps businesses capture, validate and analyse data from unstructured documents for automated decisions. Its core technology platform enables commercial lenders and insurers to read financial statements, tax returns, insurance policies and other documents required for credit and insurance applications.
The FinTech company has experienced strong growth over the past 12 months, including hiring more staff in India and Nepal. It also recorded a six-times increase to its revenue.
Its current client base includes Arbor Realty Trust, National Debt Relief, Hitachi, PayU and many others.
Common Ocean general partner Igor Ulis said, “We’ve deployed Docsumo’s technology across our portfolio companies and have seen firsthand how effective it is at automating critical business decisions. The team has been amazing to work with and we are excited to join their journey as they unlock opportunities to apply AI/ML to business processes.”
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