Nanonets offers AI solutions for document processing
AI startup Nanonets has raised a funding round led by Accel. Y Combinator, Elevation Capital and other investors. The Series B round raised USD 29 million. This brings the startup’s total funding to USD 40 million.
Technology overview
Nanonets develops AI-based software to solve a variety of office tasks. Among them:
– manually entering data into a program;
– invoice verification;
– reconciling invoices to orders;
– matching payments to balances, and others.
According to the startup’s analysis, processing a standard invoice takes 12 minutes of an employee’s working time. Nanonets’ solution reduces this time to 1 minute.
Sarthak Jain, the company’s CEO, says the amount of paperwork in the world will only increase. Many people expected that the development of the Internet would reduce traditional documentation, but in practice, the amount of paperwork is only growing. This limits the productivity of employees who spend time on routine tasks.
The startup offers intelligent processing of data and documents. Nanonet’s software combines AI and computer vision technologies. This makes extracting and processing information from digital images and other visual sources possible. In addition, the software analyses relationships and patterns in information thanks to the availability of transducer models.
The company’s AI solution enables automating many standard office tasks and increasing business efficiency.
Startup prospects
Colleagues Sarthak Jain and Pratamesh Juvatkar founded the startup in 2017. The project was developed as part of the Y Combinator incubator. Most of Nanonets’ customers are in the US and European countries. They account for about 80% of the company’s revenue. In 2023, the number of customers increased four times.
The startup’s software helps finance, accounting and other professionals process documents. One service that customers want is the automation of transactions related to accounts payable and current accounts.
Nanonets is a promising technology with rapidly growing demand. Research by Global Market Insights confirms this:
– the intelligent computing sector was worth USD 1.4 billion in 2022;
– the market will grow at a CAGR of 25% to 2032.
Given these trends, it’s not surprising that investors are paying close attention to AI solutions for office tasks. Compared to its competitors, Nanonets has an excellent track record of revenue growth and demand for its technology. The funds raised will allow the company to focus more on software development. Nanonets also plans to enter new markets and strengthen its position in existing markets.
