Overview

• Nanonets raises $29 million in a Series B round led by Accel India, bringing its total funding to $42 million.
• The AI startup focuses on automating back-office tasks, such as invoice processing, using no-code solutions and machine learning architectures.
• Nanonets claims a 90% straight-through processing rate, significantly reducing the need for manual intervention in data processing.
• The company plans to use the new funding for R&D to improve system accuracy and expand its sales and marketing efforts.
• Nanonets serves over 10,000 customers globally, with significant growth in user base and consistent revenue increase year over year.