Workflow automation platform Nanonets raises $29 million in Sequence B spherical 

Nanonets, an AI-based workflow automation platform, raised $29 million in a Sequence B funding spherical led by Accel.

The funding spherical additionally noticed participation from present buyers Elevation Capital, YCombinator and others. This takes the entire funding raised until date to $40 million.

During the last 2 years, Nanonets has seen development in its buyer base, with over 34 per cent of the International Fortune 500 firms having used its AI-based workflow automation platform throughout Finance, Accounting, Operations and several other different enterprise use-cases, it mentioned.

“The web was going to kill paper however companies at the moment are producing extra paperwork than ever, simply in new varieties. E mail, PDF contracts, whitepapers, and many others. There are tens of millions of extremely expert professionals caught searching for needles in haystacks and coming into this information from these paperwork into totally different software program,” mentioned Sarthak Jain, CEO and Co-founder of Nanonets.

Nanonets makes use of innovative AI to automate these totally different processes. We’re taking probably the most repetitive and mundane workplace work and automating it, he added. Nanonets had earlier raised $10 million in a Sequence A funding spherical in 2022, led by Elevation Capital.

A majority of Nanonets’ income comes from automating finance processes comparable to Accounts Payable, Reconciliation, and many others. A typical bill takes quarter-hour to course of manually, with processes comparable to coming into an bill into the ERP, matching towards the acquisition order, GL-code lookup adopted by approvals; Nanonets brings this all the way down to below a minute, mentioned the corporate.

Abhinav Chaturvedi, Companion at Accel, mentioned, “We’re thrilled to associate with Nanonets of their mission to revolutionize back-office operations with AI. Nanonets stood out to us on account of its complete platform and its functionality for Straight By way of Processing (STP)- these qualities set Nanonets aside within the discipline of automation and have already demonstrated their constructive impression to prospects.”