Nanonets, an AI-based workflow automation platform, announced that it successfully raised $29 million in a Series B funding round, with Accel leading the investment. The funding round also included contributions from existing investors, including Elevation Capital and YCombinator, among others. With this latest injection of capital, Nanonets has raised a total of $42 million in funding to date.
Sarthak Jain, CEO and Co-Founder of Nanonets, highlighted the platform's utilization of cutting-edge AI to automate complex processes, specifically addressing the challenge faced by skilled professionals in sorting through vast amounts of data. The platform streamlines tasks such as extracting and entering data from documents into various software applications.
In the past two years, Nanonets has experienced substantial growth in its customer base, with more than 34% of Global Fortune 500 companies adopting its AI-based workflow automation platform across diverse business functions, including finance, accounting, and operations. The user base has quadrupled in the last 12 months alone.
Accel, the leading venture capital firm in this funding round, expressed confidence in Nanonets due to its comprehensive platform and its notable capability for Straight Through Processing (STP). The platform's effectiveness in automation, particularly in finance processes such as accounts payable and reconciliation, has contributed significantly to its revenue.
Nanonets aims to leverage the newly acquired funding to further enhance its platform and expand its reach in addressing the automation needs of businesses across various industries.