San Francisco, March 13: Nanonets, an innovator in AI-driven workflow automation, has secured $29 million in a Series B funding round led by Accel, with participation from existing investors such as Elevation Capital, YCombinator, and others, bringing its total financing to $42 million.
This funding round highlights Nanonets’ rapid expansion and its role in transforming back-office operations.
The platform has experienced significant growth, now servicing over 34 per cent of the Global Fortune 500 companies, thanks to its effective automation of complex tasks across finance, accounting, operations, and more. The user base has quadrupled in the past year.
Nanonets is addressing the increasing volume of digital documents – from emails to PDF contracts – that businesses generate, challenging the predicted shift towards a paperless environment.
By applying cutting-edge AI, Nanonets automates the arduous data extraction and entry tasks from these documents, streamlining repetitive and mundane office work.
Sarthak Jain, CEO and Co-Founder of Nanonets, highlights the platform’s impact on finance operations like Accounts Payable and Reconciliation.
By reducing the manual processing time for invoices from 15 minutes to under a minute, Nanonets not only improves efficiency but also boasts an impressive Straight Through Processing (STP) rate of over 90 per cent, significantly minimizing manual intervention.
Abhinav Chaturvedi, partner at Accel, praises Nanonets for its novel approach to automating business processes end-to-end, standing out with its ability to instantly adapt and learn from new data.
This capability distinguishes Nanonets from other Large Language Models (LLMs) that face challenges with data accuracy and STP.
With this new round of funding, Nanonets is poised to further its mission of revolutionizing back-office functions, offering substantial cost savings and improved operational efficiency to businesses around the globe.
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