Nanonets, provider of an AI-based workflow automation platform focused on automating financial processes, has raised a $29 million Series B financing round. The company said it will use the cash infusion to develop an autonomous AI agent to help back-office employees.
“The internet was going to kill paper but businesses today are producing more documents than ever, just in new forms,” said Sarthak Jain, CEO and co-Founder of Nanonets. “Email, PDF contracts, whitepapers, etc. There are millions of highly skilled professionals stuck looking for needles in haystacks and entering this data from these documents into different software. Nanonets uses cutting edge AI to automate the different processes. We are taking the most repetitive and mundane office work and automating it.”
The round was led by Accel with participation from existing investors Elevation Capital, YCombinator and others. Nanonets has raised a total of $42 million since it was founded in 2017.