Nanonets grabs $29M for AI back office agents

San Francisco-based tech startup Nanonets, known for its AI-powered workflow automation platform, has secured $29 million in its Series B funding round led by Accel. The round also saw participation from existing investors Elevation Capital, YCombinator, and others, bringing Nanonets’ total funding raised to date to $42 million.

In the past two years, Nanonets has experienced significant growth in its customer base, with over 34% of Global Fortune 500 companies utilizing its AI-based workflow automation platform across various sectors including Finance, Accounting, and Operations. The company’s user base has witnessed a remarkable fourfold increase over the last 12 months.

Founded in 2017 by CEO Sarthak Jain and Prathamesh Juvatkar, Nanonets is a pioneering company in the field of intelligent automation, offering innovative solutions that are transforming business operations across various sectors. Its platform, which requires no coding, coupled with adaptable decision engines, empowers organizations to streamline their processes, make quicker decisions, and attain unparalleled levels of efficiency.

Jain highlighted the increasing reliance on digital documents in today’s business landscape and Nanonets’ role in automating tedious office tasks using cutting-edge AI technology.

“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”  Jain said.

The bulk of Nanonets’ revenue stems from automating finance processes such as Accounts Payable and Reconciliation. By leveraging AI, Nanonets significantly reduces the time required for tasks like invoice processing, bringing it down to under a minute from the manual 15-minute process.

A key innovation by Nanonets lies in its ability to ensure straight-through processing (STP), where data is processed without any manual intervention. Unlike other AI models that struggle with STP due to data hallucinations, Nanonets’ Autonomous Agents excel at performing end-to-end tasks with over 90% STP rate. This capability has led to substantial productivity and cost savings for its customers.

Accel partner Abhinav Chaturvedi expressed excitement about partnering with Nanonets, acknowledging the company’s dedication to addressing customer pain points. He praised Nanonets’ comprehensive platform and its capacity for STP, highlighting these qualities as setting Nanonets apart in the automation landscape and delivering tangible benefits to customers.

Nanonets team

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