AI-based document workflow automation startup Nanonets, has raised $10 million in a Series A round led by Elevation Capital.
Angel investors also participated in the round including Amar Goel (PubMatic), Gautam Kumar and Kushal Nahata (FarEye), Krish Subramanian and Rajaraman Santhanam (Chargebee), Vara Kumar Namburu and Khadim Batti (Whatfix), Ashish Gupta (Helion), Nakul Aggarwal and Ritesh Arora (BrowserStack), and Vetri Vellore (Ally). Among the existing investors included Ashton Kutcher, Y Combinator, SV Angel, and Soma Capital.
The company plans to use the fresh capital to expand its team across AI, ML (machine learning) and engineering, as well as ramp up its operations and customer engagements at new locations.
“The Series A funding is a critical next step in bringing Nanonets’ world-class document workflow solutions to customers across the globe. Nanonets operates with a customer-obsessed approach to doing business. We’re constantly asking ourselves how to make the experience of document management easier for our customers and their end-users.” Sarthak Jain, Co-founder and CEO, Nanonets, said.
Founded by Sarthak Jain and Prathamesh Juvatkar in 2017, Nanonets enables self-service artificial intelligence by simplifying adoption. Easily build machine learning models with minimal training data or knowledge of machine learning.
AI-based document workflow automation startup Nanonets, foresee a new set of utilities emerging which are at the heart of AI process management that is the go to tool of the knowledge worker in the late 2020s. This will replace tools like spreadsheets that have been used for performing most of the job, and change to people defining and managing AI workflows using these tools.
“When we met Sarthak and Prathamesh, we were impressed to see that despite being at the cutting edge of AI/ML, Nanonets’ product is no-code and super intuitive — which makes it extremely easy for their clients to adopt. We were also really inspired by Sarthak’s vision of using document extraction as a wedge to build a much deeper process automation platform. With very little capital, Sarthak and Prathamesh have built a stellar team and super impressive scale, and we are excited to partner with them on this journey to build a large global tech company.” Mukul Arora, Co-Managing Partner, Elevation Capital, said.
Nanonets software has helped tens of thousands of new users build workflows, develop hundreds of thousands of AI workflows, and process a few billion files. Nanonets is on a mission to leverage Deep Learning to build the world’s most frictionless document communication platform.