Artificial intelligence-based document workflow automation platform Nanonets on Wednesday said it has bagged $10 million (around Rs 75 crore) in a Series A round led by Elevation Capital.
The fundraise also saw participation from a clutch of marquee investors including Amar Goel (Founder and Chairman at PubMatic), Gautam Kumar and Kushal Nahata (Co-Founders of FarEye) and Krish Subramanian, Rajaraman Santhanam (Co-Founders at Chargebee Inc).
Among the existing investors were Ashton Kutcher (general partner at Sound Ventures), Y Combinator, SV Angel and Soma Capital.
The company, operated by Nano Net Technologies Inc, plans to use the fresh capital to expand its team across AI, ML (machine learning) and engineering, as well as ramp up its operations and customer engagements at new locations.
Nanonets, set up by Sarthak Jain and Prathamesh Juvatkar, provides companies a facility to write their own business rules, connect to varied business data sources and update internal systems to automate document workflows and financial controls.
“When we met Sarthak and Prathamesh, we were impressed to see that despite being at the cutting edge of AI/ML, Nanonets' product is no-code and super intuitive- which makes it extremely easy for their clients to adopt.
We were also really inspired by Sarthak’s vision of using document extraction as a wedge to build a much deeper process automation platform," said Mukul Arora, Co-Managing Partner of Elevation Capital.
Founded in 2002, Elevation Capital is a venture capital firm that provides seed and early-stage capital for emerging companies in India.
At present, it claims to be investing out of its seventh fund and has over $2 billion under management. The firm has a portfolio of over 100 companies across the internet, SaaS, consumer, financial services and logistics sectors.
Recently, the firm backed decentralised finance (DeFi) startup Pillow, compliance automation startup Sprinto and buy now pay later (BNPL) platform Mintifi.
