Nanonets, a pioneering AI-based workflow automation platform, has announced a successful Series B funding round led by Accel, raising $29 million. The round also saw participation from existing investors Elevation Capital, YCombinator, and others, bringing the total funding raised to date to $42 million. This significant investment highlights the growing demand for AI-driven solutions in the business world and Nanonets’ position as a leader in the field.
Impressive Growth and Customer Adoption
Over the past two years, Nanonets has experienced remarkable growth, with over 34% of the Global Fortune 500 companies utilizing their AI-based workflow automation platform across various business functions, including Finance, Accounting, and Operations. The company’s user base has quadrupled in the last 12 months, demonstrating the increasing need for intelligent automation solutions in the modern business landscape.
Sarthak Jain, CEO and Co-Founder of Nanonets, emphasizes the company’s mission, stating, “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 cutting edge AI to automate these different processes. We are taking the most repetitive and mundane office work and automating it.”
Transforming Finance Processes
A significant portion of Nanonets’ revenue comes from automating finance processes, such as Accounts Payable and Reconciliation. Manually processing an invoice can take up to 15 minutes, involving tasks like entering the invoice into the ERP, matching against the purchase order, GL-code lookup, and approvals. Nanonets’ AI-powered solution reduces this time to under a minute, drastically improving efficiency and productivity.
The company’s primary innovation lies in its ability to guarantee Straight Through Processing (STP), the percentage of data processed without any manual intervention. While other Generative LLMs struggle with STP due to data hallucinations, hindering the widespread adoption of Autonomous Agents for end-to-end tasks, Nanonets excels in this area. Processing millions of documents monthly, Nanonets delivers over 90% STP rate, resulting in significant cost savings and productivity gains for its customers.
Instant Learning and Adaptability
Unlike other LLMs, Nanonets’ models learn instantly from new information, eliminating the need for complex training. This unique feature enables the company’s Autonomous Agents to perform tasks end-to-end, setting them apart from other AI solutions in the market. As the Turing test evolves from humans being unable to differentiate an AI in conversation to being unable to differentiate an AI in performing tasks, Nanonets is at the forefront of this transition.
Abhinav Chaturvedi, partner at Accel, expresses his enthusiasm for the partnership, saying, “We are thrilled to partner with Nanonets in their mission to revolutionize back-office operations with AI. 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. 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.”
Automating the Future of Commerce
As businesses continue to embrace digital transformation and seek ways to streamline their operations, AI-driven automation solutions like Nanonets are becoming increasingly crucial. By automating repetitive and time-consuming tasks, companies can free up their employees to focus on higher-value activities, ultimately driving growth and innovation.
With its proven track record of success and the backing of prominent investors, Nanonets is well-positioned to continue revolutionizing back-office operations and shaping the future of commerce. As more businesses adopt AI-powered automation, the potential for increased efficiency, cost savings, and improved customer experiences is immense.
As Nanonets continues to develop and refine its platform, the company is poised to play a significant role in the ongoing evolution of the business landscape. With its commitment to innovation and customer success,
