We are very excited to announce that we have 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 brings the total funding raised to date to $42 million.
Where are we today
For a few years now, nanonetworks have been the preferred option for managing documents, capturing information and simplifying communication, all within an ai-powered document communication platform.
Nanonets is now on a mission to leverage deep learning to build the world's most seamless enterprise workflow automation platform, powered by autonomous ai agents.
Over the past 2 years, Nanonets has seen tremendous growth in our customer base, with over 34% of Global Fortune 500 companies having used our ai-based workflow automation platform in finance, accounting, operations and several other business use cases. Our software has helped new users create workflows, develop hundreds of thousands of ai workflows, and process a few billion files.
Workflows: Unlock Trapped Data
Why are companies increasingly focusing on workflow automation?
Most enterprise data is trapped today:
- Stuck in different business applications with business professionals repeatedly copying and pasting data stored between different business data sources.
- Trapped in volumes where it is very difficult to find what you are looking for. A lot of work hours are spent simply searching for or locating useful business data.
- Trapped in structure or lack thereof. Data formats and processes are not consistent within organizations and companies require dedicated staff to simply reformat data to enforce consistency manually.
“The Internet was going to do away with paper, but today companies produce more documents than ever, just in new formats. Email, PDF contracts, technical documents, etc. There are millions of highly qualified professionals stuck searching for needles in haystacks and entering this data from “These documents in 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, 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 with virtually any data.
<h2 id="lowering-the-barrier-to-entry-to-ai-led-automation”>Reduce the barrier to entry to ai-based automation
Nanonetworks lower the barrier to deploying ai for business and workflow automation for everyone, anywhere. With Nanonets, you can get the best Deep Learning team in the world to work for your company without having to hire them.
Typically, building a machine learning model that fits your business needs takes many months, millions of data points, and the best talent in the world. We take that process and condense it into our ai-powered workflows. This reduces the cost of recruiting, 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 financing will propel us to:
- Invest more in improving our algorithms that particularly address unstructured data and launch new products based on them.
- Expand our marketing and sales efforts to capture a portion of the growing demand for ai-based solutions.
We are very 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 the latest Nanonets updates in our changelog and blog!
Do you have questions? Contact us at [email protected] or Speak with us!
