Artificial intelligence (AI)-based workflow automation platform Nanonets Tuesday said it has raised $29 million (Rs 240 crore) in a Series B funding round. The San Francisco and Bengaluru-based startup has thus raised $40 million across funding rounds so far.
The funding round was led by multi-stage venture capital firm Accel and saw participation from Nanonets’ existing investors, including Elevation Capital and YCombinator.
The startup will use the funding for research and development, along with strengthening its team.
Founded by Sarthak Jain and Prathamesh Juvatkar in 2017, Nanonets is a workflow automation solutions provider across finance, accounting, operations and other business use cases.
A major chunk of Nanonets’ revenue comes from automating finance processes such as accounts payable, reconciliation, and others.
The startup claims to guarantee 90% straight-through processing (STP) i.e. the percentage of data processed without any manual intervention.
“Sarthak and his team have been dedicated to getting to the bottom of customer pain points, and have built a solution that fully automates business processes end-to-end. Nanonets stood out to us due to its platform and its capability for straight-through processing (STP),” said Abhinav Chaturvedi, partner, Accel.
Nanonets had secured $10 million in its Series A round, which was led by Elevation Capital. The fundraise also saw participation from a clutch of angel 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) along with Ashton Kutcher (general partner at Sound Ventures), Y Combinator, SV Angel and Soma Capital.
Meanwhile, this is the second investment by Accel in the AI space in a week. Last week, the firm participated in technology startup Ema’s (Enterprise Machine Assistant) $25 million (Rs 207 crore) funding exercise. The startup raised Series A funding from venture capital firms Section 32, Prosus Ventures and Wipro Ventures, along with Accel.
California-based Accel has invested in unicorns such as Moglix, Urban Company, Zetwerk and Inframarket, among others as well.
