Document AI startup Docsumo raises $3.5 million funding, aims to create hundreds of jobs in Nepal and India

KATHMANDU
A document AI startup that helps enterprises make automated decisions from customer documents has recently raised $3.5 Million (approximately 43 crores NPR) in seed capital. The company was co-founded by a Young Nepali Data Scientist turned Entrepreneur, Mr Bikram Dahal along with his Indian counterpart Mr.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.

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. During his college days, Bikram used to be a data entry clerk and experienced how difficult and boring manual entry is. Researching about it, he realized the scale of this problem and decided to build technology to solve it by automating a core aspect of what humans do – reading text.

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