Nanonets Secures $29 Million in Series B Funding Led by Accel

• ByStartupStory     |    March 13, 2024

AI-powered workflow automation platform, Nanonets, has successfully raised $29 million in its recent Series B funding round, spearheaded by leading venture capital firm Accel. The round also witnessed continued support from existing investors, including Elevation Capital and YCombinator, bringing Nanonets’ total funding to an impressive $40 million.

Over the past two years, Nanonets has experienced substantial growth, boasting a client base that includes over 34% of Global Fortune 500 companies. The platform, designed for Finance, Accounting, Operations, and various other business applications, utilizes advanced AI to streamline and automate tedious office tasks.

Sarthak Jain, CEO and Co-founder of Nanonets, emphasized the persistent need for document processing despite the digital age. He stated, “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’ innovative approach focuses on automating repetitive and mundane office work. With a significant portion of its revenue derived from finance processes such as Accounts Payable and Reconciliation, the platform significantly accelerates document processing. For instance, a typical manual invoice processing time of 15 minutes is reduced to under a minute, encompassing tasks like entering invoices into the ERP, matching against purchase orders, GL-code lookup, and approvals.

Abhinav Chaturvedi, Partner at Accel, expressed excitement about the partnership, stating, “We are thrilled to partner with Nanonets in their mission to revolutionize back-office operations with AI. 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 on customers.”

Nanonets had previously secured $10 million in a Series A investment round in 2022, led by Elevation Capital.

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