Accounting is not a subject that most people can get excited about – perhaps not even most accountants. But if you are running any kind of business, there is no way around it. The Santa Clara-based Dosite wants to make the lives of small and medium business owners (and their accounting firms) a little easier by using machine learning to handle a lot of routine tasks around collecting financial data, receipts, categorization, and digitization. Significantly – reconciliation.
The company announced today that it has raised a $ 1.5 million seed-extension round led by First Rays Venture Partners with participation from Moredo Ventures and a group of angel investors. Docyt (pronounced “docket”) previously took round $ 2.2 million from Morado Ventures, AME Cloud Ventures, Westwave Capital, Xplorer Capital, Tuesday and Angel Investors. The company plans to use the new investment to accelerate its customer growth.
At first glance, it may appear that detox competes with the likes of QuickBooks, the de facto standard for much higher business accounting. But Sugam Pandey, co-founder and CTO of Docyt, told me that he thinks of the service as a choice of QuickBooks.
“Docyt is a product for small business owners who find accounting very complicated, very experienced in how to run and grow their business, but not really accounting experts. At the same time, businesses that are exiting QuickBooks – small business owners sometimes become midsized enterprises – [ … ] They begin to exit their accounting systems like QuickBooks and look for more sophisticated systems like NetSuite and SEZ. And Docyt fits into that space as well, extending the life of QuickBooks for such business owners so they don’t have to change their systems. “
In its early days, Docyt was a secure document sharing platform with focus on mobile. Some of it is still in the company’s DNA, being able to draw its attention to financial documents and then harmonize with a business’s bank transactions. Although other systems may emphasize transaction data, docetics focuses on documents. This means that you can forward an emailed receipt to the service, for example, and it can automatically attach the service to your credit card or bank statement (the service requires the plaid to pull in this data Uses).
For new transactions, you sometimes have to train the system by entering this information by hand, but over time, Diocyte should be able to do this automatically and then sync your data with QuickBooks should do.
Amit Sreedharan, general partner at First Res Venture Partners, said, “Detox is the first company to implement AI.” Docyt Software’s AI-powered data extraction, auto grading, and auto cohesion is unique. It’s an enterprise-level, powerful solution that Affordable and accessible for small and medium businesses. “