Dosight, a startup providing an AI-powered accounting automation platform for small and medium-sized businesses (SMBs), today announced a $11.5 million Series A funding round led by Lobby Capital with participation from First Rise Venture Partners. led to a $1.5 million refresh round for the company in 2021 and Morado Ventures.
Starting as a secure document exchange platform, Docyt’s vision is to make it easier for SMBs to manage mundane accounting tasks such as data collection, receipt digitization, classification, and reconciliation. Basically, it is a comprehensive accounting platform that automates the financial and accounting back office. Users simply connect their bank accounts and then scan or email their receipts, bills and income statements to the Docit artificial intelligence engine to extract this data and then sync it with their bank and credit card transactions and their ledger . , maybe.
“Docit is focused on generating financial reports for our clients. It’s not partial automation that just starts a workflow and then waits for someone else to keep records,” said Siddharth Saxena, co-founder and CEO of Docker. “The goal of the system is to generate up-to-date reports so that business owners can make important decisions.”
Since receiving the latest round of funding, the Docket team has launched several new integrations with existing revenue systems as they build their platform. One area the company is focusing on is the hospitality industry, where many hotel accounting systems still use old software and PDF receipts. Because the AI system automatically learns to interpret these documents, Docit enters these new markets with relative ease.
“The last two years have been perhaps the most difficult for small and medium-sized businesses. Siddharth Saxena, co-founder and CEO of Docket, said he needs to survive first and then get out of the doldrums of this small business. “We have seen that companies that have taken advantage of modern technology have outperformed others. They were able to find new loans, they were able to connect to government programs faster and make better use of their workforce. Docet fits into this picture and this story very well. We are accelerating the digital transformation trend.”
It appears to be working for Docyt as the company also announced today that it has increased its sales by 6x and expanded its customer base by 4x in 2021.
“Docit’s AI-powered financial workflow and accounting automation provides SMBs with powerful tools to manage their back offices,” said Eric Karlborg, General Partner of Lobby Capital. “We’re excited to be part of DoSight’s mission to reshape the accounting software market by providing businesses with real-time financial visibility across all locations.”
The company plans to use the new funding to expand its team while focusing on its go-to-market capabilities.