Nanonets, a leading provider of AI-powered workflow automation, has secured $29 million in a Series B funding round. This brings their total funding to $40 million, allowing them to further develop their intelligent automation solutions. The investment was led by Accel, with participation from existing investors including Elevation Capital and Y Combinator.
What Is Nanonets?
Founded in 2017 by Sarthak Jain and Prathamesh Juvatkar, Nanonets offers intelligent automation solutions for streamlined business processes. The platform leverages Deep Learning to create Autonomous AI Agents, making it one of the most frictionless workflow automation platforms in the market. Nanonets caters to a diverse clientele, with over 34% of the Global Fortune 500 companies utilizing its services across various business functions such as Finance, Accounting, and Operations.
How Nanonets Works
Nanonets’ AI platform provides no-code solutions that extract valuable information from documents, emails, tickets, databases, and more. These insights are then converted into actionable data. The platform’s machine learning architectures analyze unstructured data from uploaded documents, making it a powerful tool for businesses. Here are some key features:
- Automating Finance Processes: Nanonets play a crucial role in automating finance processes like accounts payable and reconciliation. While manual invoice processing typically takes around 15 minutes, Nanonets accelerates this process to under a minute.
- Straight Through Processing (STP): With a monthly processing volume in the millions, Nanonets achieves an impressive STP rate exceeding 90%. This high-efficiency results in significant productivity gains and cost savings.
- Global Fortune 500 Adoption: Over the past two years, Nanonets has witnessed extensive growth, with more than 34% of the Global Fortune 500 companies relying on its AI-driven platform for various business functions.
Unlocking Trapped Data
Businesses face the challenge of dealing with trapped data—information locked within different applications, volumes, and structures. Nanonets aims to unlock this data by providing autonomous AI agents that can run any business workflow on virtually any data. By lowering the barrier to entry for AI-led automation, Nanonets empowers companies to harness the power of Deep Learning without the need to hire specialized teams.
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Nanonets plans to utilize the fresh funding for research and development to enhance the accuracy of its system. Additionally, the company will invest in sales and marketing efforts. With a growing user base and a commitment to revolutionizing workflow automation, Nanonets is poised for continued success in the industry.
As Sarthak Jain, Co-founder and CEO of Nanonets, aptly puts it: “We are taking the most repetitive and mundane office work and automating it.” The future looks bright for Nanonets as it continues to redefine how businesses manage their workflows.