Nanonets Obtains $29 Million to Enhance AI Workflow Automation Solutions
In Brief
Nanonets garnered $29 million in funding aimed at refining its AI-powered workflow automation system's precision and growing its workforce.
Platform for Workflow Automation Enhanced by AI Technologies Nanonets This round of funding, an equity Series B round led by Accel with support from existing investors like Elevation Capital and YCombinator, brings Nanonets' total investment to $42 million, including a previous $10 million Series A in 2022. The fresh funds will focus on R&D to boost system accuracy and enable team scaling.
The startup has developed an AI platform Nanonets offers no-code solutions that empower businesses to extract insights from a variety of inputs, including documents, emails, tickets, and databases, converting them into actionable data. Utilizing advanced machine learning frameworks, the platform accurately processes unstructured data from submitted documents to glean essential information.
Despite predictions that the internet would eliminate paper, today's businesses are generating more documents than ever in various formats – from emails to PDF contracts. Countless skilled professionals find themselves sifting through mountains of data and entering it into different systems. Nanonets leverages cutting-edge AI technology to automate these time-consuming tasks, taking care of the most tedious office responsibilities for businesses, as noted by Sarthak Jain, CEO and co-founder of Nanonets.
A hallmark of Nanonets' innovation is its ability to achieve Straight Through Processing (STP), reflecting the rate of data processed entirely without human intervention. This is a significant milestone since many generative LLMs struggle with STP due to issues like data hallucinations, hampering the widespread use of autonomous agents for comprehensive tasks. Impressively, Nanonets processes millions of documents each month with over 90% STP, driving substantial improvements in efficiency and cost savings. large language models The autonomous agents developed by Nanonets exhibit a remarkable capability to manage tasks from start to finish, rapidly absorbing new information without needing extensive training. They can be integrated seamlessly into ERP systems like QuickBooks, Xero, Sage, and NetSuite, streamlining accounts payable tasks. Furthermore, they enhance supply chains by analyzing historical data from platforms like Square and Tableau, as well as producing summarized health reports from healthcare management systems.
Nanonets Revolutionizes the AI-Powered Workflow Automation Sector
Since its inception in 2017, Nanonets has been at the forefront of delivering intelligent automation solutions that fundamentally transform how businesses operate across diverse industries. With its flexible decision-making systems, Nanonets enables organizations to accelerate decision-making and achieve high levels of efficiency, serving a customer base of over 10,000 worldwide.
In a highly competitive global landscape for workflow automation, Nanonets encounters rivalry from established optical character recognition (OCR) solutions and innovative startups like Rossum AI and Hyperscience. Larger firms like UiPath also offer automation software, but with a focus on structured data. no-code platform With the recent influx of investment, Nanonets is poised to amplify its capabilities, further reinforcing its status as a key player in the dynamic landscape of AI-driven workflow automation.
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