Nanonets, a San Francisco, CA-based startup specializing in AI-driven automation of back-office processes, raised $29 million in a Series B funding round.  

SaaS Investors

The round was led by Accel, with participation from existing investors Elevation Capital and Y Combinator. This round brings Nanonets' total funding raised to $42 million, including a $10 million Series A round in 2022.  

Founded in 1983, Accel is a seed and growth-stage venture capital firm that helps a global community of entrepreneurs. The firm prefers to invest in early-stage companies operating in the cloud, software as a service (SaaS), consumer, enterprise, information technology, healthcare, fintech, security, media, and business products & services sectors. The firm has additional offices in San Francisco, London, and Banglore.      

Nanonets Use of Funds

The fresh funding will be allocated towards research and development efforts to enhance the accuracy of Nanonets' AI system. The company also will use the new funding to increase its headcount.  

About Nanonets

Founded by Sarthak Jain and Prathamesh Juvatkar, Nanonets is a company that provides intelligent automation AI for all types of complex business processes and back-office operations. Nanonets targets the financial services sector with its AI platform, which automates the processing of unstructured data from documents like invoices, receipts, and purchase orders. The platform offers no-code solutions to extract information from various sources and convert it into actionable insights, facilitating processes such as accounts payable, reconciliation, accounts receivable, and expense management.    

Funding Details       

Company: Nano Net Technologies Inc.   

Raised: $29.0M            

Round: Series B     

Funding Month: March 2024                 

Lead Investors: Accel   

Additional Investors: Elevation Capital and Y Combinator   

Company Website: https://nanonets.com/  

Software Category: Workflow Automation  

Source: https://techcrunch.com/2024/03/12/nanonets-funding-accel-india/