Nanonets, a leading AI-based workflow automation platform, raised $29 million in a Series B funding round led by Accel. The funding round also saw participation from existing investors Elevation Capital, YCombinator and others. This takes the total funding raised till date to $42 million.
Over the last two years, Nanonets has seen extensive growth in their customer base, with over 34% of the Global Fortune 500 companies having used their AI-based workflow automation platform across Finance, Accounting, Operations and several other business use-cases. Their user base has grown 4x in the last 12 months.
"The internet was going to kill paper but businesses today are producing more documents than ever, just in new forms," commented Sarthak Jain, CEO and co-Founder of Nanonets. "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."
A majority of Nanonets’ revenue comes from automating finance processes such as Accounts Payable, and Reconciliation. A typical invoice takes 15 minutes to process manually, with processes such as entering an invoice into the ERP, matching against the purchase order, GL-code lookup followed by approvals; Nanonets brings this down to under a minute.
Nanonets’ primary innovation is their ability to guarantee Straight Through Processing (STP), the percentage of data processed without any manual intervention. Other Generative LLMs tend to struggle with STP due to data hallucinations, hindering the large-scale adoption of Autonomous Agents for end-to-end tasks. The Turing test has evolved from humans being unable to differentiate an AI in conversation to humans being unable to differentiate an AI in performing tasks. Nanonets' Autonomous agents excel at performing tasks end-to-end. Additionally, their models, unlike other LLMs, learn instantly from new information, eliminating the need for complex training. Processing millions of documents monthly, Nanonets delivers over 90% STP rate, leading to significant productivity and cost savings.
“We are thrilled to partner with Nanonets in their mission to revolutionize back-office operations with AI," said Abhinav Chaturvedi, Partner at Accel. "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."
