Nanonets' AI platform offers no-code solutions to extract information from various sources and convert them into actionable insights. The startup claims its automated finance solutions can reduce the time taken to process an invoice to under a minute. The company is gradually expanding to other sectors, including healthcare and manufacturing. Despite competition from other AI-based workflow automation companies, Nanonets claims a 90% straight-through processing rate and attributes its success to accuracy, user experience, and quality integrations.
Key takeaways:
- Nanonets, an AI startup that automates back-office processes, has raised $29 million in a funding round led by Accel India, bringing its total funding to $42 million.
- The company's AI platform targets the financial services sector and aims to improve the efficiency of processes involving large amounts of unstructured data, such as invoices and receipts.
- Nanonets plans to use the new funding to improve the accuracy of its system, invest in sales and marketing, and increase its headcount.
- Despite competition in the AI-based workflow automation market, Nanonets claims a 90% straight-through processing rate and attributes its success to accuracy, user experience, and the quality of its integrations.