Workflow Automation Platform Nanonets Raises USD 29 Mn in Series B Led by Accel With this most recent round of fundraising, Nanonets has now raised USD 40 million in total. The startup had raised USD 10 million in a Series A funding round in 2022.
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AI-based workflow automation platform Nanonets has raised USD 29 million in a Series B funding round led by Accel. Existing investors Elevation Capital, YCombinator and others also participated in the round.
With this, the total amount of money raised to date is USD 40 million. The firm raised USD 10 million in 2022 in a Series A funding round led by Elevation Capital.
Sarthak Jain, CEO and Co-founder of Nanonets, said, "The internet was going to kill paper but businesses today are producing more documents than ever, just in new forms. Email, PDF contracts, whitepapers, etc. There are millions of highly skilled professionals stuck looking for needles in haystacks and entering this data from these documents into different software. Nanonets uses cutting edge AI to automate these different processes. We are taking the most repetitive and mundane office work and automating it."
Sarthak Jain and Prathamesh Juvatkar founded Nanonets in 2017 with the goal of providing intelligent automation solutions for simplified corporate processes. Nanonets attains a Straight Through Processing (STP) rate of over 90 percent with a monthly processing volume in the millions, which leads to increased productivity and reduced expenses.
Abhinav Chaturvedi, Partner at Accel, said, "Sarthak and his team have been dedicated to getting to the bottom of customer pain-points, and have built a powerful solution that fully automates business processes end-to-end."
"Nanonets stood out to us due to its comprehensive platform and its capability for Straight Through Processing (STP)- these qualities set Nanonets apart in the field of automation and have already demonstrated their positive impact to customers," he added.
According to an official statement, its user base has increased fourfold in the last 12 months. With over 34 percent of global fortune 500 firms using their AI-based workflow automation platform for finance, accounting, operations, and various other business use-cases.
The startup's automation of financial procedures including accounts payable and reconciliation generates a significant portion of its revenue. It claims to reduce the time required for manual invoice processing, which usually takes fifteen minutes, to less than one minute.
