Nanonets, San Francisco, CA-based provider of an AI-based workflow automation platform for business processes, raised $29M in Series B funding.
The round, which brought the total amount to $42M, was led by Accel, with participation from existing investors Elevation Capital, YCombinator and others.
The company intends to use the funds to expand operations and development efforts.
Founded by Sarthak Jain and Prathamesh Juvatkar in 2017, Nanonets is a provider of intelligent automation solutions to improve business processes across industries. With a no-code platform and learnable decision engines, it enables organizations to make faster decisions and achieve increased efficiency. Over the last 2 years, over 34% of the Global Fortune 500 companies have used their AI-based workflow automation platform across Finance, Accounting, Operations and several other business use-cases.
Commenting on the news, Sarthak Jain said: “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“
FinSMEs
12/03/2024