AI startup Docsumo raised $3.5 million in seed led by Common Ocean where Fifth Wall, Arbor Realty Trust, and existing investor Better Capital also participated.
Docsumo assists businesses in capturing, validating, and analysing data from unstructured documents in order to make automated decisions. Its core technology platform assists commercial lenders and insurers in reading financial statements, tax returns, insurance policies, and other documents needed for credit and insurance applications. The startup intends to use the new funds to grow the team and expand its client base in the North American market. It also claims to provide services to major corporations in the United States, the European Union, and Asia, including Arbor Realty Trust, National Debt Relief, Hitachi, PayU, and many others.