Elevation Capital invests $10 million in Nanonets’ Series A round

• ByStartupStory     |    February 17, 2022

Nanonets, a document workflow automation platform built on artificial intelligence, announced on Wednesday that it has raised $10 million (about Rs 75 crore) in a Series A round headed by Elevation Capital.

Amar Goel (Founder and Chairman of PubMatic), Gautam Kumar and Kushal Nahata (Co-Founders of FarEye), Krish Subramanian, and Rajaraman Santhanam were among the notable investors that contributed to the financing (Co-Founders at Chargebee Inc).

Y Combinator, SV Angel, and Soma Capital were among the previous investors, as was Ashton Kutcher (general partner at Sound Ventures).

Nano Net Technologies Inc, the business’s parent company, intends to utilise the additional funds to expand its staff in AI, ML (machine learning), and engineering, as well as extend its operations and client engagements in new places.

Sarthak Jain and Prathamesh Juvatkar founded Nanonets, which allows businesses to define their own business rules, connect to a variety of business data sources, and update internal systems to automate document workflows and financial controls.

Elevation Capital is a venture capital firm based in India that invests in seed and early-stage firms. It was founded in 2002.

It claims to be investing from its sixth fund at the moment, with over $2 billion under management. Over 100 firms in the internet, SaaS, consumer, financial services, and logistics industries make up the firm’s portfolio.

The business recently financed Pillow, a decentralised finance (DeFi) startup, Sprinto, a compliance automation startup, and Mintifi, a buy now pay later (BNPL) platform.

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