Nanonets Raises $ 10 Million From Elevation Capital To Help Global Businesses Automate Their Document Workflows Using AI

Nanonets Raises $ 10 Million From Elevation Capital To Help Global Businesses Automate Their Document Workflows Using AI

SAN FRANCISCO, February 16, 2022 / PRNewswire / – Nanonetan AI-powered document workflow automation platform, today announced a successful increase of $ 10 million Series A investment round, led by Elevation Capital. The funds will be used to expand Nanonets’ engineering and AI / ML teams, as well as to expand its operations and go-to-market teams into new geographies.

Sarthak Jainco-founder and CEO of Nanonets, said, “Tier A financing is a critical step in bringing Nanonets’ world-class document workflow solutions to customers around the world. Nanonets operates with a customer obsessed approach. to do business. We “We constantly ask ourselves how to make the document management experience easier for our customers and their end users.”

Sarthak Jain and Prathamesh Juvatkar founded Nanonets with a mission to leverage AI to make workflow automation easier for businesses. 70% of organizations still have paper-dependent processes today, from analyzing millions of contracts to manually matching invoices to purchase orders. Current legacy systems and processes require employees to review each document and manually enter data into CRM, ERP, or Excel file.

Using custom API and code-less customization capabilities, Nanonets gives organizations the ability to write their own business rules, connect to different corporate data sources, and update internal systems to automate document workflows and financial controls. The platform continues to learn from every document it sees, and organizations can automate an end-to-end process in hours, helping them accelerate their operations and their employees to do more with their time.

Mukul AroraCo-Managing Partner, Elevation Capital, added: “When we met Sarthak and Prathamesh, we were shocked to see that, despite being at the forefront of AI / ML, Nanonets’ product is non-coded and super intuitive, which makes it extremely easy for their customers to adopt. We were also truly inspired by Sarthak’s vision of using document mining as a wedge to build a much deeper process automation platform. With very little capital, Sarthak and Prathamesh have built a stellar team and a super impressive scale, and we are very excited to partner with them on this journey to build a great global technology company. “

According to an estimate from Bain & Co’s 2021 report titled “Beyond Cost Savings: Reinventing Business Through Automation”, automation platforms with broader capabilities and technologies have an addressable market of over 65 billion dollars. A shift in corporate operations due to the pandemic-induced work-from-home situation is expected to foster market growth in the coming years.

Nanonets’ AI engine eliminates the need to create rules / layouts per format, which is a big deal with traditional OCR providers, but instead relies on cognitive intelligence to do the same job. This makes Nanonets the most complete and scalable solution of the competition.

In addition to Elevation Capital, the Series A round was attended by angelic investors, including Love Goel (Founder and President, PubMatic), Gautam Kumar And Kushal Nahata (Co-founders, FarEye), Krish Subramanian, Rajaraman Santhanam (Co-founders, Chargebee Inc.), Vara Kumar Namburu e 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). Previous investors included Ashton KutcherY Combinator, SV Angel and Soma Capital.

About nanonet
Nanonets is building a future where companies can easily leverage AI to intelligently understand documents, validate information, update databases, and make decisions based on business rules – without human interference and with greater accuracy. Global companies and governments are using Nanonets’ secure technology to automate tedious, document-centric review, management and approval processes. Nanonets AI improves operational efficiency, reduces review time by 90%, and enables accounting and finance teams to grow tremendously. For more information, visit nanonets.com.

About Capital Elevation
Elevation Capital is a leading venture capital firm providing initial and early stage capital for emerging companies India. Founded in 2002, Elevation is currently investing from its seventh fund and is done $ 2 billion under management. The fund is led by Managing Partner Ravi Adusumalli, together with five Partners Deepak Gaur, Mukul Arora, Mridul Arora, Vivek Mathur And Mayank Khanduja. The company has a portfolio of over 100 companies across the Internet, SaaS, consumer, financial services and logistics industries. Elevation was an early investor and founding partner of category-defining companies such as Acko, FirstCry, Justdial, Makemytrip, Meesho, NoBroker, Paytm, ShareChat, Swiggy, Unacademy and Urban Company, among many others.

Visit Elevation Capital’s knowledge repository, Summitfor investment reminders, podcasts with top business minds, and more.

Media contact:

For nanorets:
Liang Zhao
[email protected]
505-720-6933

Capital share:
Akarsh Shrivastava
[email protected]

SOURCE Nanonet

.

Leave a Comment

Your email address will not be published.