• About
  • Advertise
  • Careers
  • Contact Us
Saturday, June 28, 2025
  • Login
No Result
View All Result
NEWSLETTER
Tech | Business | Economy
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Home Business StartUPs

Nanonets Raises $29M from Accel to Create Autonomous AI Agent for Back Office Operations

Nanonets-powered automation has saved companies over $500 million

by Joan Aimuengheuwa
March 13, 2024
in StartUPs
0
Nanonets founders Sarthak Jain and Prathamesh Juvatkar
Nanonets founders: Sarthak Jain and Prathamesh Juvatkar

Nanonets founders: Sarthak Jain and Prathamesh Juvatkar

UBA
Advertisements

Nanonets, a leading AI-based workflow automation platform, raised $29 million in a Series B funding round led by Accel.

The funding round also saw participation from existing investors Elevation Capital, YCombinator and others. This takes the total funding raised till date to $42M.

Over the last 2 years, Nanonets has seen extensive growth in their customer base, with over 34% of the Global Fortune 500 companies having used their AI-based workflow automation platform across Finance, Accounting, Operations and several other business use-cases.

Product_Workflow Overview Dashboard
Advertisements
MTN ADS
Product_Workflow Overview Dashboard

Their user base has grown 4x in the last 12 months.

“The internet was going to kill paper but businesses today are producing more documents than ever, just in new forms. Email, PDF contracts, whitepapers, etc. There are millions of highly skilled professionals stuck looking for needles in haystacks and entering this data from these documents into different software. Nanonets uses cutting edge AI to automate these different processes. We are taking the most repetitive and mundane office work and automating it” said Sarthak Jain, CEO and Co-Founder of Nanonets.

A majority of Nanonets’ revenue comes from automating finance processes such as Accounts Payable, Reconciliation, etc.

A typical invoice takes 15 minutes to process manually, with processes such as entering an invoice into the ERP, matching against the purchase order, GL-code lookup followed by approvals; Nanonets brings this down to under a minute.

Nanonets’ primary innovation is their ability to guarantee Straight Through Processing (STP), the percentage of data processed without any manual intervention.

Product_Nanonets for Reconciliation
Product_Nanonets for Reconciliation

Other Generative LLMs tend to struggle with STP due to data hallucinations, hindering the large-scale adoption of Autonomous Agents for end-to-end tasks.

The Turing test has evolved from humans being unable to differentiate an AI in conversation to humans being unable to differentiate an AI in performing tasks. Nanonets’ Autonomous agents excel at performing tasks end-to-end.

Nanonets team
Nanonets team

Additionally, their models, unlike other LLMs, learn instantly from new information, eliminating the need for complex training. Processing millions of documents monthly, Nanonets delivers over 90% STP rate, leading to significant productivity and cost savings.

Abhinav Chaturvedi, partner at Accel, said,

“We are thrilled to partner with Nanonets in their mission to revolutionize back-office operations with AI. Sarthak and his team have been dedicated to getting to the bottom of customer pain-points, and have built a powerful solution that fully automates business processes end-to-end. Nanonets stood out to us due to its comprehensive platform and its capability for Straight Through Processing (STP)- these qualities set Nanonets apart in the field of automation and have already demonstrated their positive impact to customers.”

Loading

Author

  • Joan Aimuengheuwa
    Joan Aimuengheuwa

    Joan thrives at helping individuals and businesses scale via storytelling...

    View all posts
0Shares
Tags: Generative LLMsNanonets
Joan Aimuengheuwa

Joan Aimuengheuwa

Joan thrives at helping individuals and businesses scale via storytelling...

Next Post
coding and Codebase

My Journey to Standard Codebase

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recommended

Trump-May Special Relationship Gets Special Treatment In The Streets of London

3 months ago
Babatunde Olofin, Managing Director, Moniepoint MFB - Multi Factor Authentication

Moniepoint MFB unveils new feature to combat fraud and enhance convenience

1 year ago

Popular News

    Connect with us

    • About
    • Advertise
    • Careers
    • Contact Us

    © 2025 TECHECONOMY.

    No Result
    View All Result
    • News
    • Tech
      • DisruptiveTECH
      • ConsumerTech
      • How To
      • TechTAINMENT
    • Business
      • Telecoms
      • Mobility
      • Environment
      • Travel
      • StartUPs
        • Chidiverse
      • TE Insights
      • Security
    • Partners
    • Economy
      • Finance
      • Fintech
      • Digital Assets
      • Personal Finance
      • Insurance
    • Features
      • IndustryINFLUENCERS
      • Guest Writer
      • EventDIARY
      • Editorial
      • Appointment
    • TECHECONOMY TV
    • Apply
    • TBS
    • BusinesSENSE For SMEs

    © 2025 TECHECONOMY.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    Translate »
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.