Nanonets Secures $29 Million to Fuel R&D and Market Expansion

💰 Nanonets, an AI-based workflow automation platform, secured $29 million in a Series B funding round led by Accel.

📈 Existing investors like Elevation Capital and YCombinator also participated, bringing the total funding raised to $40 million.

🌐 Nanonets witnessed a significant increase in its customer base, with over 34% of Global Fortune 500 companies utilizing its platform across various business sectors.

💼 CEO Sarthak Jain highlighted the persistent need for document handling despite the digital age, emphasizing the demand for automation in tasks like data entry.

🤖 Nanonets utilizes advanced AI to automate repetitive office tasks, aiming to streamline processes and improve efficiency.

📊 Majority of Nanonets’ revenue comes from automating finance processes such as Accounts Payable, reducing processing time from minutes to under a minute.

👥 Accel’s Partner Abhinav Chaturvedi expressed excitement about partnering with Nanonets, praising its comprehensive platform and capability for Straight Through Processing (STP).

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