Nanonets, an AI-based workflow automation platform, has raised $29 million in a Series B funding round led by Accel. This latest injection of funding brings the company’s total capital raised to $42 million.
With its no-code platform and learnable decision engines, Nanonets works to help organizations make faster decisions and achieve greater efficiency in their business processes. The company’s main source of revenue comes from automating finance tasks like accounts payable and reconciliation, though its tech has use cases across accounting, operations and other functions.
Nanonet’s primary innovation is its straight-through processing capabilities, or the percentage of data it can process without any manual intervention. Its models have a processing rate of more than 90 percent, enabling businesses to increase their productivity and cost savings. For instance, an invoice that would take typically 15 minutes to process manually could be done in under a minute using Nanonets’ platform, according to the company.
The company has experienced significant growth over the past two years. More than 34 percent of the Global Fortune 500 companies use its platform, and its user base has grown four times in the last 12 months.
