Nanonets Secures $29 Million in Funding to Fuel Smart Automation Solutions
Nanonets, a company specializing in artificial intelligence (AI)-powered workflow automation, has secured $29 million in a Series B funding round. The investment was led by Accel, a well-established venture capital firm, with participation from existing investors. This latest round brings Nanonets’ total funding to $40 million, solidifying their presence in the intelligent automation market.
Boosting Efficiency with AI-powered Automation
Established in 2017, Nanonets offers innovative solutions that leverage AI to automate various tasks within businesses. Their platform processes a high volume of work monthly and achieves a remarkable success rate in streamlining processes, translating to significant gains in productivity and cost reduction.
Surge in Users and Focus on Financial Automation
Nanonets has witnessed a dramatic increase in its user base, experiencing a fourfold growth over the past year. A significant portion of their revenue comes from automating critical financial processes such as managing accounts payable and reconciliation. Notably, Nanonets significantly reduces invoice processing time, bringing it down from a typical 15 minutes to under a minute.
Addressing the Data Entry Burden
“The digital age hasn’t eliminated the need for data extraction; it has simply transformed document formats,” explains Sarthak Jain, Nanonets’ Co-founder and CEO. “From emails and electronic contracts to research reports, a substantial workforce spends valuable time manually extracting data and entering it into various systems. Nanonets leverages AI to automate these repetitive tasks, freeing up professionals for more strategic work.”
Global Recognition and Strategic Partnerships
Headquartered in San Francisco, Nanonets has established itself as a major player in the automation landscape. Over 34% of the prestigious Fortune 500 companies currently utilize their AI-powered platform to streamline operations across various departments, including finance, accounting, and core business functions.
Investor Confidence in Nanonets’ Potential
“Nanonets’ dedication to addressing customer challenges through comprehensive automation solutions is truly commendable,” said Abhinav Chaturvedi, Partner at Accel. “Their ability to achieve exceptional process completion rates sets them apart in the automation industry, and the positive impact on their customers is evident.”
This significant funding round positions Nanonets for continued growth and solidifies its position as a leader in the intelligent automation space.