Workflow automation firm Nanonets secures $29M in Series B funding from Accel, others
This latest funding round brings Nanonets' total funding raised to date to $40 million. In 2022, the startup had secured $10 million in a Series A investment round.
AI-based workflow automation platform has secured $29 million in a Series B funding round led by and existing investors , , and others.
This latest funding round brings Nanonets' total funding raised to date to $40 million. In 2022, the startup had secured $10 million in a Series A investment round led by .
Founded in 2017 by Sarthak Jain and Prathamesh Juvatkar, Nanonets offers intelligent automation solutions for streamlined business processes. With a monthly processing volume in the millions, Nanonets achieves a Straight Through Processing (STP) rate exceeding 90%, resulting in productivity and cost savings.
The startup has recorded a fourfold increase in its user base in the past 12 months, it said in a statement.
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 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.
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.
“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 added, "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 to customers."
Edited by Suman Singh