The Intelligent Document Processing (IDP) provider will use the new funding to further invest in improving its algorithms, particularly those that process unstructured data, and launch new products based on that. Nanonets will also use the Series B funding to scale its marketing and sales efforts.
Nanonets, an AI-powered document processing solutions provider, announced March 12 that it has raised $29 million in a Series B funding round led by venture capital firm Accel with participation from existing investors Elevation and Y Combinator. This brings Nanonets’ total funding raised to $42 million.
According to Nanonets, the company has seen strong growth in recent years: More than 34% of the Global Fortune 500 companies use its AI-based workflow automation platform, and the number of users has quadrupled in the last year.
Nanonets commented on the Series B funding round: “We’re grateful for the support from Accel, our existing investors, and our incredible team. Together, we’re revolutionizing back-office operations with AI, bringing unparalleled efficiency to businesses worldwide.”
Sarthak Jain, CEO and Co-Founder of Nanonets, explained: “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. Nanonets uses cutting edge AI to automate these different processes. We are taking the most repetitive and mundane office work and automating it.”
Headquartered in San Francisco, California, Nanonets provides an AI-powered document processing platform that transforms the way businesses handle repetitive and mundane office work with the use of autonomous AI agents to automate complex processes, resulting in significant time and cost savings.
You can find the full press release here.
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