Nanonets, an AI-based document workflow automation platform, raised $10 million in a Series A round led by Elevation Capital.
Angel investors, including Amar Goel (PubMatic), Gautam Kumar and Kushal Nahata (FarEye), Krish Subramanian and Rajaraman Santhanam (Chargebee), Vara Kumar Namburu and Khadim Batti (Whatfix), Ashish Gupta (Helion), Nakul Aggarwal and Ritesh Arora (BrowserStack), and Vetri Vellore (Ally), also participated in the round. Earlier investors included Ashton Kutcher, Y Combinator, SV Angel, and Soma Capital.
The startup will use the funds to expand its engineering and AI/ML teams and hyper-scale its operations and go-to-market teams in new geographies.
Sarthak Jain, Co-founder and CEO, Nanonets, said, “The Series A funding is a critical next step in bringing Nanonets’ world-class document workflow solutions to customers across the globe. Nanonets operates with a customer-obsessed approach to doing business. We're constantly asking ourselves how to make the experience of document management easier for our customers and their end-users.”
Sarthak Jain and Prathamesh Juvatkar founded Nanonets to leverage AI to make workflow automation easier for businesses. Today, 70 percent of organisations still have paper-dependent processes, from parsing millions of contracts to manually matching invoices to purchase orders.
Current legacy systems and processes require employees to review each document and manually enter data into CRMs, ERPs, or Excel files.
Using APIs and no-code customisation custom capabilities, Nanonets allows organisations to write their own business rules, connect to varied business data sources, and update internal systems to automate document workflows and financial controls.
The platform keeps learning from every document it sees, and organisations can automate an end-to-end process within hours, helping them speed up their operations and their employees do more with their time.
Mukul Arora, Co-Managing Partner, Elevation Capital, said, “When we met Sarthak and Prathamesh, we were impressed to see that despite being at the cutting edge of AI/ML, Nanonets' product is no-code and super intuitive — which makes it extremely easy for their clients to adopt. We were also really inspired by Sarthak’s vision of using document extraction as a wedge to build a much deeper process automation platform. With very little capital, Sarthak and Prathamesh have built a stellar team and super impressive scale, and we are excited to partner with them on this journey to build a large global tech company.”
Nanonets’ AI engine eliminates the need to create rules/layouts per format, which is a big problem with traditional OCR providers but instead relies on cognitive intelligence to do the same job. This makes Nanonets the most comprehensive and scalable solution among its competitors.
Edited by Suman Singh