Nanonets Raises $29 Million to create Autonomous AI Agents for business workflows

We’re super thrilled to announce that we’ve raised $29 million in our Series B funding round led by Accel India in our journey to reimagine how businesses manage workflows!

The funding round also saw participation from existing investors Elevation Capital, YCombinator and others. This takes the total funding raised till date to $42M.

Where We are Today

For a few years now Nanonets has been the go-to choice to manage documents, capture information and simplify communication – all within one AI-powered document communication platform.

Nanonets is now on a mission to leverage Deep Learning to build the world’s most frictionless business workflow automation platform powered by Autonomous AI Agents.

Over the last 2 years, Nanonets has seen extensive growth in our customer base, with over 34% of the Global Fortune 500 companies having used our AI-based workflow automation platform across Finance, Accounting, Operations and several other business use-cases. Our software has helped new users build workflows, develop hundreds of thousands of AI workflows, and process a few billion files.

Workflows: Unlocking Trapped Data

Why are businesses increasingly focusing on workflow automation?

Most business data is trapped today:

• Trapped in different business applications with business professionals repeatedly copying and pasting data stored among disparate sources of business data.
• Trapped in volumes where it’s super hard to find what you’re looking for. Large number of man hours are simply spent in searching or locating useful business data.
• Trapped in structure or lack of it. Data formats and processes are not consistent within organisations and companies require dedicated staff for just reformatting data to enforce consistency manually.

“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” – Sarthak Jain, CEO and Co-Founder of Nanonets.

Nanonets is on a mission to unlock this trapped data for businesses of all sizes. With Nanonets’ autonomous AI Agents, businesses can run any business workflow on virtually any data.

Lowering the barrier to entry to AI-led automation

Nanonets lowers the barrier to deploy AI for workflow and business automation for everyone, anywhere. With Nanonets, you can get the world’s best Deep Learning team working for your company without having to hire them.

Typically creating a Machine Learning model that’s custom to your business needs requires many months, millions of data points and the world’s best talent. We have taken that process and condensed it into our AI-powered workflows. This reduces the cost of hiring, onboarding and retaining top talent.

Building the Future of Work!

We couldn’t be more excited to continue building a better Nanonets product for you and your team. Our Series B funding will propel us to:

1. Further invest in improving our algorithms that particularly tackle unstructured data and launch new products based on that.
2. Scale our marketing and sales efforts to capture a piece of the burgeoning demand for AI-based solutions.

We are so grateful for the continued support of our customers, investors, family, and friends — and we look forward to helping teams around the world work happier. Be sure to follow along with all the latest Nanonets updates on our Changelog and Blog!

Have questions? Reach out to us on info@nanonets.com or Speak with us!

• SEO Powered Content & PR Distribution. Get Amplified Today.
• PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
• PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
• PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
• PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
• Source: https://nanonets.com/blog/nanonets-raises-29-million-in-series-b/