Nanonets Raises $29M from Accel to create Autonomous AI

San Francisco, CA – March 13, 2023; Nanonets, a number one AI-based workflow automation platform, raised $29 million in a Series B funding spherical led by Accel. The funding spherical additionally noticed participation from current buyers Elevation Capital, YCombinator and others. This takes the overall funding raised until date to $42M.

Over the final 2 years, Nanonets has seen intensive progress of their buyer base, with over 34% of the Global Fortune 500 corporations having used their AI-based workflow automation platform throughout Finance, Accounting, Operations and several other different enterprise use-cases. Their consumer base has grown 4x within the final 12 months.

“The web was going to kill paper however companies right this moment are producing extra paperwork than ever, simply in new varieties. Email, PDF contracts, whitepapers, and so on. There are hundreds of thousands of extremely expert professionals caught on the lookout for needles in haystacks and coming into this knowledge from these paperwork into completely different software program. Nanonets makes use of leading edge AI to automate these completely different processes. We are taking probably the most repetitive and mundane workplace work and automating it” stated Sarthak Jain, CEO and Co-Founder of Nanonets.

A majority of Nanonets’ income comes from automating finance processes equivalent to Accounts Payable, Reconciliation, and so on. A typical bill takes quarter-hour to course of manually, with processes equivalent to coming into an bill into the ERP, matching in opposition to the acquisition order, GL-code lookup adopted by approvals; Nanonets brings this down to underneath a minute.

Nanonets’ main innovation is their potential to assure Straight Through Processing (STP), the share of knowledge processed with none guide intervention. Other Generative LLMs have a tendency to battle with STP due to knowledge hallucinations, hindering the large-scale adoption of Autonomous Agents for end-to-end duties. The Turing check has developed from people being unable to differentiate an AI in dialog to people being unable to differentiate an AI in performing duties. Nanonets’ Autonomous brokers excel at performing duties end-to-end. Additionally, their fashions, not like different LLMs, study immediately from new data, eliminating the necessity for advanced coaching. Processing hundreds of thousands of paperwork month-to-month, Nanonets delivers over 90% STP charge, main to important productiveness and price financial savings.

Abhinav Chaturvedi, associate at Accel, stated, “We are thrilled to associate with Nanonets of their mission to revolutionize back-office operations with AI. Sarthak and his staff have been devoted to getting to the underside of buyer pain-points, and have constructed a strong resolution that absolutely automates enterprise processes end-to-end. Nanonets stood out to us due to its complete platform and its functionality for Straight Through Processing (STP)- these qualities set Nanonets aside within the discipline of automation and have already demonstrated their optimistic impression to clients.”