Nanonets, an AI-driven workflow automation platform, has announced a significant milestone in its journey with the successful closure of a $29 million Series B funding round led by Accel India. This latest funding round, which also saw participation from existing investors Elevation Capital, YCombinator, and others, brings Nanonets’ total funding to an impressive $42 million.

The company, known for its innovative approach to managing documents and streamlining communication through AI-powered solutions, is now poised to redefine how businesses handle workflows. With a focus on leveraging Deep Learning technology, Nanonets aims to develop the most seamless business workflow automation platform yet, powered by Autonomous AI Agents.

Over the past few years, Nanonets has witnessed exponential growth in its customer base, with more than 34% of Fortune 500 companies adopting its AI-based workflow automation platform across various sectors including Finance, Accounting, and Operations. Through its software, Nanonets has empowered users to create hundreds of thousands of AI workflows and process billions of files efficiently.

Sarthak Jain, CEO and Co-Founder of Nanonets, emphasized the significance of workflow automation in today’s business landscape, stating, “The internet was going to kill paper but businesses today are producing more documents than ever, just in new forms. 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 these different processes.”

Nanonets’ mission is to liberate trapped data across organizations, addressing challenges such as data silos, information overload, and inconsistent formats. With its autonomous AI Agents, Nanonets enables businesses of all sizes to streamline their workflows and unlock valuable insights from their data.

One of Nanonets’ key objectives is to democratize AI-led automation, making it accessible to businesses worldwide. By offering pre-trained AI models and intuitive workflow automation tools, Nanonets eliminates the need for extensive resources typically associated with custom Machine Learning deployments. This not only reduces costs but also accelerates the adoption of AI-driven solutions across industries.

Key Nanonets Features:

• Effortless File Ingestion: Import files seamlessly from Gmail, Dropbox, Drive, and SharePoint.
• Intelligent Data Extraction: Nanonets’ advanced AI engine accurately extracts data without relying on predefined templates.
• Enhanced Data Enrichment: Unlock the full potential of extracted data for actionable insights.
• Smart Decision Engines: Streamline workflows with efficient flagging, reviewing, and validating of files.
• Flexible Export Options: Seamlessly export data to various platforms or formats for offline use.

Security is paramount at Nanonets. Adhering to GDPR, SOC 2, and HIPAA standards, Nanonets ensures the utmost confidentiality and integrity of your data.

Nanonets offers a comprehensive suite of OCR tools for accounting tasks, including Invoice OCR, Receipt OCR, and Purchase Order OCR. Additionally, its ID card verification capabilities encompass Driver License OCR, ID Card OCR, and Passport OCR. Furthermore, Nanonets facilitates automation through features like Bill of Lading OCR, Table extraction OCR, and Text Extraction OCR.

Looking ahead, Nanonets plans to further enhance its algorithms for processing unstructured data and introduce new products tailored to evolving market needs. Additionally, the company aims to expand its reach through intensified marketing and sales initiatives, catering to the growing demand for AI-based solutions in the business ecosystem.

With its commitment to innovation and customer-centric approach, Nanonets continues to lead the charge in transforming traditional workflows into efficient, AI-driven processes, paving the way for a more productive and dynamic future of work.

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