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Nanonets secures $29M in funding to produce an Autonomous AI Agent for back-office operations

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Nanonets, an AI-based workflow automation platform, announced it has raised $29 million in a Series B funding round, empowering the company on its mission to “revolutionize back-office operations with AI.”

The funding round was led by Accel, with participation from existing investors Elevation Capital, YCombinator, and others. This makes the total funding raised to date $42M.

"The internet was going to kill paper, but businesses today are producing more documents than ever, just in new forms. 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 these different processes. We are taking the most repetitive and mundane office work and automating it” said Sarthak Jain, CEO and co-founder of Nanonets.

Most of Nanonets’ revenue comes from automating finance processes such as Accounts Payable, Reconciliation, etc. A typical invoice takes 15 minutes to process manually, with processes such as entering an invoice into the ERP, matching against the purchase order, GL-code lookup followed by approvals; Nanonets brings this down to under a minute, according to the company.

Nanonets’ primary innovation is its ability to guarantee Straight Through Processing (STP), the percentage of data processed without any manual intervention.

Other Generative LLMs tend to struggle with STP due to data hallucinations, hindering the large-scale adoption of Autonomous Agents for end-to-end tasks.  The Turing test has evolved from humans being unable to differentiate an AI in conversation to humans being unable to differentiate an AI in performing tasks.

According to the company, Nanonets' Autonomous agents excel at performing tasks end-to-end. Additionally, their models, unlike other LLMs, learn instantly from new information, eliminating the need for complex training.

“We are thrilled to partner with Nanonets in their mission to revolutionize back-office operations with AI. Sarthak and his team have been dedicated to getting to the bottom of customer pain-points, and have built a powerful solution that fully automates business processes end-to-end,” Abhinav Chaturvedi, partner at Accel, said. “Nanonets stood out to us due to its comprehensive platform and its capability for Straight Through Processing— these qualities set Nanonets apart in the field of automation and have already demonstrated their positive impact to customers."

For more information about this news, visit https://nanonets.com.

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