Nanonets, an artificial intelligence (AI) firm providing workflow automation services, has raised $29 million, bringing its total to date to $42 million.
Accel led the Series B funding round with participation from YCombinator, Elevation Capital, and others.
Nanonets reports that it has experienced dramatic growth in the utilization of their services with, approximately 34% of Global Fortune 500 companies using their services. The user base is reported to have grown by 4X in the past year.
Nanonets states that the bulk of their revenue is generated by financial operations like accounts payable and other accounting processes.
Nanonets explains that its primary innovation is its ability to guarantee Straight-Through Processing (STP), the percentage of data processed without any manual intervention. Nanonets is said to deliver a 90% STP rate, thus boosting productivity and cost savings.
Sarthak Jain, CEO and co-founder of Nanonets, said the internet was supposed to kill paper, but the exact opposite has happened. Companies are creating more forms and paper than ever before, which can create a “needle in a haystack” environment as employees are swamped with documents and paperwork. Nanonets utilizes AI to automate processes, removing the most repetitive tasks from an employee’s desk and automating them.