AI document capture company Nanonets earns $29 million in its quest to automate data entry
Cutting down on boring data entry seems like exactly the sort of thing AI should be doing. In a sign of the growing market for intelligent data processing, AI company Nanonets has secured a $29 million series B funding round for its workflow automation platform.
Nanonets’ Flow software uses AI to automate the tedious process of data entry, extracting data from documents and inputting the information into databases automatically. It’s called Straight Through Processing (STP), which means transactions pass through the system without any human involvement.
For example, when you scan someone’s ID document the Nanonets software will populate a database with the relevant information. Or, if working in accounts, you only have to forward an email to the accounts payable version of the software and it will capture appropriate line items, checking invoices against outgoing payments and flagging issues such as duplicate documents.
Flow syncs invoices with your company’s existing account and enterprise resource planning (ERP) software, including Quickbooks, Stripe, Sage and Slack. It can be used as a vendor manager and can also run no-code custom processes, such as invoice approval.
Related: What is Adobe AI Assistant?
Who is backing Nanonets?
This latest investment is led by Accel, along with existing investors including Elevation Capital and YCombinator. According to Nanonets, the company has raised $42 million in funding.
It also claims that more than a third of Global Fortune 500 companies have used its AI-based workflow automation platform.
“The internet was going to kill paper but businesses today are producing more documents than ever, just in new forms,” said Sarthak Jain, Nanonets CEO and Co-Founder.
“Highly skilled professionals are stuck looking for needles in haystacks, entering data from these documents into different software… We are taking the most repetitive and mundane office work and automating it.”
Competitors in the intelligent document processing space include Hyperscience, Rossum and ABBYY. The likes of Accenture, Deloitte and KPMG offer it as a service, while Amazon Textract and Google Document AI perform similar tasks.
The market was worth $1.4 billion market in 2022 and is growing steadily, according to analysts Global Market Insights.
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Richard Trenholm
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