Nanonets, a leading AI-based workflow automation platform, has 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 $42M.
Over the last 2 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. 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" said Sarthak
Jain, CEO and Co-Founder of Nanonets.
A majority of Nanonets' revenue
comes from automating finance processes such as Accounts Payable, Reconciliation, etc. 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.
Abhinav Chaturvedi,
partner at Accel, said,
"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."
By: Nana Appiah Acquaye