Nanonets' AI platform offers no-code solutions to help businesses extract information from documents and convert them into actionable insights. The platform uses machine learning architectures to analyze unstructured data and extract useful information. 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, and currently has over 10,000 customers globally.
Key takeaways:
- Nanonets, an AI startup that automates back-office processes, has raised $29 million in a new funding round led by Accel, bringing its total funding to $42 million.
- The company's AI platform targets the financial services sector and aims to improve the efficiency of processing unstructured data from documents like invoices, receipts, and purchase orders.
- Nanonets plans to use the new funding for R&D to improve the accuracy of its system, invest in sales and marketing, and increase its headcount.
- The startup claims its automated finance solutions can reduce the time taken to process an invoice from 15 minutes to under a minute, and it offers a record 90% straight-through processing rate.