Nanonets Revolutionizes AI Workflow Automation with $29M Funding
March 13, 2024, 1:20 pm
Location: United States, California, Mountain View
Employees: 51-200
Founded date: 2005
San Francisco-based tech startup Nanonets has secured $29 million in Series B funding, bringing its total funding to $42 million. Led by Accel, the round also saw participation from existing investors Elevation Capital and YCombinator. Nanonets, founded in 2017 by CEO Sarthak Jain and Prathamesh Juvatkar, offers an AI-powered workflow automation platform that has seen significant growth in its customer base, with over 34% of Global Fortune 500 companies utilizing its services. The company's innovative solutions, which require no coding, empower organizations to streamline processes and achieve unparalleled efficiency. Nanonets' focus on automating finance processes like Accounts Payable and Reconciliation has led to substantial time and cost savings for its customers. With a strong emphasis on Straight Through Processing (STP) and a high STP rate of over 90%, Nanonets stands out in the automation landscape. The funding will be used to expand operations, develop new offerings around unstructured data, and scale sales and marketing efforts. Nanonets' success in securing funding reflects the growing demand for AI-powered automation solutions in today's business landscape.