Docsumo helps businesses streamline mundane processes and the unstructured documents that come with them. Which is the most complex product feature you have had to build? Which feature is the most loved and widely used by your customers?
We offer pre-trained APIs for all document analytics needs including invoices, bank statements, and tax forms. The customization for company-specific requirements does not take long. But the feature that stands out is the ability to train on their data in a self-serve way. That means if you can’t find a pre-trained API for the document you want to capture data from, you can simply train one. For any new document type, customers can train an API to capture specific data fields with as little as 50 document samples and start capturing data.
Accurate data capture along with analysis is at the core of every document processing efforts in an organization, but the data field they capture and the ways in which they go about processing this data vary for each one of them. You can have a Document AI solution specially designed for you working in your system within a matter of a few days.
What differentiates your company from your competitors?
When it comes to document processing, businesses want one solution and not manage 3-4 different vendors for different use cases. Docsumo comes with use-case specific pre-trained APIs that help customers quickly test and see success. The ability to train for other document types ensures that customers aren’t missing out on anything. Another advantage is that not only do we help customers to get structured data but also get attributes and data cuts which are required for decision-making.
Startup founders are closely involved in the hiring process at the initial stages. Can you share how you hired the first team member?
Bikram and I came up with the idea of Docsumo when we were trying to solve document data capture for a Canadian bank as a consulting project. Realizing that the problem of digitizing customer journeys impacted all large enterprises, we built Docsumo. We started with the aim to help enterprises automate invoice processing and has evolved into an end-to-end intelligent document processing solution for financial services all across the USA.
Our first few team members came via our college networks. We posted our vacancies on various alumni WhatsApp and Facebook groups.
Could you tell us about one lucky break you got in your personal or professional life, that helped you significantly in your journey?
I have been a recipient of lucky breaks throughout my life.
Our first break came when we acquired PayU as a customer in 2019 which was our first customer. We had already told our 2 employees to find other jobs since we were running out of cash 9 months into the company. That's when PayU signed the agreement and gave us money which kept the lights on.
Our second break was meeting Vaibhav Domkundwar from Better Capital and getting into Techstars. Even before investing in us, he helped us get into Techstars which changed the trajectory of the company and gave Bikram and me the ambition to build a global SaaS product.
How do you see your journey unfolding in future?
Our mission is simple - we want to continue empowering organisations to read and analyse documents without manual work. We want to increase touchless processing for companies to truly become digital and capture data that they can rely on for decision-making.
More Founder Stories: Sai Krishna (Superblog)