Nanonets, an AI-based workflow automation platform, 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 $40 million.

Over the last 2 years, Nanonets has seen growth in its customer base, with over 34 per cent of the Global Fortune 500 companies having used its AI-based workflow automation platform across Finance, Accounting, Operations and several other business use-cases, it 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,” said Sarthak Jain, CEO and Co-founder of Nanonets.

Nanonets uses cutting edge AI to automate these different processes. We are taking the most repetitive and mundane office work and automating it, he added. Nanonets had earlier raised $10 million in a Series A investment round in 2022, led by Elevation Capital.

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, said the company.

Abhinav Chaturvedi, Partner at Accel, said, “We are thrilled to partner with Nanonets in their mission to revolutionize back-office operations with AI. 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.”

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