Nanonets, an AI-driven workflow automation platform, has successfully secured $29 million in a Series B funding round. The round was led by Accel, with continued support from Elevation Capital, YCombinator, and other previous investors, elevating their total funding to $42M.
The platform has experienced significant expansion, now serving over one-third of Global Fortune 500 companies and achieving a fourfold increase in its user base over the past year. Nanonets is particularly effective in streamlining finance processes like Accounts Payable and Reconciliation, reducing the time taken to process an invoice from 15 minutes to under one minute.
“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, CEO and Co-Founder of Nanonets.
“We are thrilled to partner with Nanonets in their mission to revolutionize back-office operations with AI. 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.”
— Abhinav Chaturvedi, partner at Accel
Featured image: Nanonets founders Sarthak Jain and Prathamesh Juvatkar. Credit: Nanonets
