AI startup Nanonets raises $29Mn led by Accel
CALIFORNIA, UNITED STATES — Artificial intelligence startup company Nanonets has raised $29 million in a Series B funding led by equity firm Accel, with participation from current investors Elevation Capital, YCombinator, and others.
This puts Nanonets’ investment tally at $42 million. Nanonets’ platform automates finance processes such as accounts payable, reconciliation, accounts receivable, and expense management.
The company claims its platform can process an invoice in under a minute, a procedure that usually takes 15 minutes to complete manually.
“We are thrilled to partner with Nanonets in their mission to revolutionize back-office operations with AI,” said Abhinav Chaturvedi, partner at Accel.
According to the tech firm, once the process has been completed on its platform, the rate of thought processing with no human intervention is at 90%.
Amid the benefits it brings in terms of efficiency, the company warned that the platform merely replicates what people have been doing manually.
As such, the platform depends heavily on the customization of its settings. Expert human intervention is still required to run the system.
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