Nanonets, a San Francisco, California-based AI-based document workflow automation platform, announced a successful raise of $10 million in a Series A investment round, led by Elevation Capital.
The Series A round saw participation from angel investors including Amar Goel (Founder & Chairman, PubMatic), Gautam Kumar and Kushal Nahata (Co-founders, FarEye), Krish Subramanian, Rajaraman Santhanam (Co-founders, Chargebee Inc.), Vara Kumar Namburu and Khadim Batti (Co-founders, Whatfix), Ashish Gupta (Co-founder, Helion), Nakul Aggarwal and Ritesh Arora (Co-founders, BrowserStack), and Vetri Vellore (Founder and CEO, Ally). Earlier investors included Ashton Kutcher, Y Combinator, SV Angel, and Soma Capital.
The funds will be used to expand Nanonets' engineering and AI/ML teams as well as hyper-scale its operations and go-to-market teams in new geographies.
Company: Nano Net Technologies Inc.
Raised: $10.0M
Round: Series A
Funding Month: February 2022
Lead Investors: Elevation Capital
Additional Investors: Amar Goel, Gautam Kumar, and Kushal Nahata, Krish Subramanian, Rajaraman Santhanam, Vara Kumar Namburu, Khadim Batti, Ashish Gupta, Nakul Aggarwal, Ritesh Arora, Vetri Vellore, Ashton Kutcher, Y Combinator, SV Angel, and Soma Capital
Company Website: https://nanonets.com/
Software Category: AI-based document workflow automation platform
About the Company: Nanonets is building a future where businesses can leverage AI with ease to intelligently understand documents, validate information, update databases and execute decisions based on business rules, without any human interference and with greater accuracy. Enterprises and global governments are using Nanonets' secure technology to automate tiresome review, management, and approval processes - centered around documents. Nanonets AI improves operational efficiency, cuts down review time by 90%, and powers accounting and financial teams for enormous growth.
Source: https://www.prnewswire.com/news-releases/nanonets-raises-10m-from-elevation-capital-to-help-global-enterprises-automate-their-document-workflows-using-ai-301483676.html