Workflow automation platform Nanonets raises $29 million led by Accel

Artificial intelligence (AI)-based document workflow automation platform Nanonets has raised $29 million in a funding round led by Accel.

The firm’s existing investors such as Elevation Capital, Y Combinator and others also participated.

The funds will be used for research and development to improve its algorithms, as well as for scaling its marketing and sales efforts.


“AI is a very core component of our business, which ends up driving a lot of automation. For AI to become more and more accurate and for us to build better machine learning algorithms and provide our users with a higher amount of automation, we need to invest a lot in machine learning,” cofounder Prathamesh Juvatkar told ET.

Founded in 2017 by Juvatkar and Sarthak Jain, the company offers automation solutions for businesses operating across various sectors. It helps organisations streamline its processes and become efficient with no coding.

The majority of its revenue is generated from automating finance processes such as accounts payable, reconciliation, and others. “A large percentage of revenue comes from two geographies, which are North America and Europe. I think both geographies account for about 75% of our revenue,” said Juvatkar.

Over the past year, nearly 10,000 companies have signed up and started using the platform, spanning various sectors such as finance, accounting and operations, the company said, while highlighting that the aim is to triple its growth this year.