AI-based workflow automation platform Nanonets has raised $29 million in a Series B round led by Accel, along with participation from existing investors Elevation Capital, YCombinator and others.
This comes less than a week after Accel had announced that it had invested in the Silicon Valley-based AI employee assistant startup Ema, founded by former Coinbase CPO Surojit Chatterjee.
California-headquartered Nanonets was founded in 2017 by Sarthak Jain and Prathamesh Juvatkar. It had earlier raised $10 million in a Series A investment round in 2022, led by Elevation Capital.
The fresh capital will be utilised to invest in the startup’s R&D to improve improve its algorithms that particularly tackle unstructured data and launch new products based on that. A part of the funding will also go into scaling up the marketing and sales efforts of the startup.
Over the last 2 years, Nanonets has significantly grown its customer base, with over 34 percent of the Global Fortune 500 companies having used their AI-based workflow automation platform across Finance, Accounting, Operations and other business use-cases, the startup said.
Their user base has grown 4x in the last 12 months. Nanonets-powered automation has saved companies over $500 million.
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…Nanonets uses cutting edge AI to automate these different processes. We are taking the most repetitive and mundane office work and automating it.”
Abhinav Chaturvedi, Partner at Accel, added, “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).”
A significant portion of Nanonets’ revenue comes from automating finance processes such as Accounts Payable, Reconciliation, etc. A typical invoice takes 15 minutes to process manually, with processes such as entering an invoice into the ERP, matching against the purchase order, GL-code lookup followed by approvals; Nanonets brings this down to under a minute.
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