- AI workflow automation startup Nanonets has raised $29 million in new funding.
- Accel India, alongside current traders Elevation Capital and YCombinator, backed the spherical.
- Try the 24-slide pitch deck Nanonets used the land the funds.
Nanonets, an AI workflow automation startup, has raised $29 million in new funding.
Based in 2017, the corporate offers no code and AI-powered automation software program merchandise to giant companies, primarily targeted on finance capabilities like accounts payable and reconciliation.
“The web was going to kill paper, however companies at present are producing extra paperwork than ever, simply in new varieties like electronic mail, PDF contracts, whitepapers, and many others.,” Sarthak Jain, CEO and cofounder of Nanonets, mentioned.
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“Thousands and thousands of extremely expert professionals are caught on the lookout for needles in haystacks and coming into this knowledge from these paperwork into completely different software program. We’re taking probably the most repetitive and mundane workplace work and automating it”
For instance, manually processing an bill would possibly take as much as quarter-hour to finish, following an add into the corporate’s system, after which checking in opposition to a accomplished buy order.
Nanonets claims it may possibly cut back this course of to round one minute by improvements in Straight By Processing (STP). On this system, much less guide processing is required for an AI to finish a activity, with out hallucinations.
The corporate has introduced in Collection B capital from Accel, alongside current traders Elevation Capital and YCombinator. This takes Nanonets’ complete funding raised to $42 million.
Nanonets has benefitted from the hype round AI companies, Jain mentioned. “We have been blessed by the eye on AI, however it was additionally one thing we referred to as fairly early,” he advised Enterprise Insider.
“We went in fairly assured of elevating a spherical primarily based on our numbers – person and income progress and the way effectively we scaled them.”
“We’re very capital environment friendly. The market circumstances sometimes have an effect in your valuations (which derive themselves from public markets) however I really feel good firms can elevate in any market. However issues have been undoubtedly not as simple as 2021,” he added.
Funding will go in direction of bettering the corporate’s merchandise, notably in new choices round unstructured knowledge, alongside scaling Nanonet’s gross sales and advertising groups over the remainder of the 12 months.
Try Nanonet’s 24-slide Collection B pitch deck under: