Nanonets Raises $29 Million in Series B Funding Led by Accel
- ByStartupStory | March 12, 2024
Nanonets, an AI-based workflow automation platform, recently secured $29 million in a Series B funding round, with Accel leading the investment alongside existing investors Elevation Capital, Y Combinator, and others. This latest funding round brings Nanonets’ total funding raised to date to $40 million.
“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 AI to automate these different processes. We are taking the most repetitive and mundane office work and automating it,” said Sarthak Jain, Co-founder and CEO of Nanonets.
Founded in 2017 by Sarthak Jain and Prathamesh Juvatkar, Nanonets offers intelligent automation solutions for streamlined business processes. The startup has recorded a fourfold increase in its user base in the past 12 months, achieving a Straight Through Processing (STP) rate exceeding 90%, resulting in productivity and cost savings.
“A major share of the company’s revenue is driven through automating finance processes like accounts payable and reconciliation. While manual invoice processing typically takes 15 minutes, the startup accelerates this process to under a minute,” the company stated.
“In the past two years, the San Francisco-headquartered startup witnessed extensive growth in its clientele, with more than 34% of the Global Fortune 500 companies leveraging its AI-driven platform for various business functions such as finance, accounting, and operations,” the statement 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,” said Abhinav Chaturvedi, Partner at Accel. He highlighted Nanonets’ comprehensive platform and its capability for Straight Through Processing (STP), which sets it apart in the field of automation and has already demonstrated positive impact to customers.
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