A $29 million Series B fundraising round was secured by Nanonets, a San Francisco, California-based company that offers AI-based workflow automation platforms for commercial operations.
Lead by Accel, the round raised $42 million in total, with participation from Elevation Capital, YCombinator, and other current investors.
The money will be used by the business to increase operations and development initiatives.
Nanonets is a provider of intelligent automation solutions to enhance business operations across sectors. It was founded in 2017 by Sarthak Jain and Prathamesh Juvatkar. Organizations are able to boost their efficiency and make decisions more quickly because to the learnable decision engines and no-code platform. In Finance, Accounting, Operations, and a number of other business use-cases, more than 34% of the Global Fortune 500 organizations have employed their AI-based workflow automation platform within the past two years.
Sarthak Jain responded to the news by saying, “Businesses today are producing more documents than ever, just in new forms. The internet was going to kill paper.” Whitepapers, PDF contracts, emails, etc. Millions of extremely competent workers are trapped scanning haystacks for needles while inputting data from these documents into various software programs.
Modern AI is used by nanonets to automate these many procedures. We are automating the most boring and repetitive workplace tasks.
ABOUT NANONETS:
Prathamesh Juvatkar is the Founder at NanoNets . Additionally, Prathamesh Juvatkar has had 1 past job as the Co-founder and CTO at Cubeit .Nanonets enables self-service artificial intelligence by simplifying adoption. Easily build machine learning models with minimal training data or knowledge of machine learning. At Nanonets, we serve up the most accurate models.
