Nanonets builds a no-code AI platform that extracts information from unstructured documents (invoices, receipts, purchase orders), emails, tickets and databases, and offers plug-in AI agents for ERPs like QuickBooks, Xero, Sage and NetSuite. The company primarily targets the financial services sector (about 50–55% of customers) while expanding into healthcare and manufacturing. Nanonets employs multiple ML architectures — initially using convolutional networks, briefly considering graph neural networks, and now favoring transformers and multimodal models — training models on customer data to maximize accuracy and avoid LLM-style hallucinations. It claims a 90% straight-through processing rate and says its automated finance workflows can cut invoice processing from roughly 15 minutes to under a minute. The startup reports more than 10,000 customers, grew its user base fourfold over the past 12 months, has reached over 34% of the Fortune 500 in the last two years, and has about 100 employees with most engineers based in India. Revenue has reportedly increased threefold per year since the 2022 round; the U.S. accounts for about 40% of revenues and Europe about 30–35%, and the company offers Starter, Pro and Enterprise pricing tiers with Pro and Enterprise driving most ARR. Nanonets offers an AI-powered intelligent document processing platform that uses computer vision, natural language processing, and multimodal deep learning to extract data from documents and complex tables. The no-code platform provides pretrained architectures that require minimal fine-tuning, lets customers write business rules, and integrates with existing workflows and data sources. Nanonets says it has trained hundreds of thousands of machine learning models and processed billions of files, and claims hundreds of customers including P&G, Toyota, Sherwin Williams, Roche, and Divvy. The company reports rapid growth metrics: annual recurring revenue growing 15% month-on-month, cashflow-positive status, fivefold customer-base growth in the last 18 months, 12x revenue growth since April 2020, thousands of daily users, 30,000 new users since 2020, and over 100,000 AI workflows developed. Founded in 2017 by Prathamesh Juvatkar and Sarthak Jain, Nanonets has a 35-employee team focused on expanding its engineering and AI/ML capabilities and scaling operations.

Total raised

$39M

Funding rounds

2

Latest round

Series B

Latest activity

Mar 2024