Nanonets, an AI-based document workflow automation platform, raised $10 million in a Series A round led by Elevation Capital.

Angel investors, 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), also participated in the round. Earlier investors included Ashton Kutcher, Y Combinator, SV Angel, and Soma Capital.

The startup will use the funds to expand its engineering and AI/ML teams and hyper-scale its operations and go-to-market teams in new geographies. 

Sarthak Jain, Co-founder and CEO, Nanonets, said, “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 and Prathamesh Juvatkar founded Nanonets to leverage AI to make workflow automation easier for businesses. Today, 70 percent of organisations still have paper-dependent processes, from parsing millions of contracts to manually matching invoices to purchase orders.

Current legacy systems and processes require employees to review each document and manually enter data into CRMs, ERPs, or Excel files.

Using APIs and no-code customisation custom capabilities, Nanonets allows organisations to write their own business rules, connect to varied business data sources, and update internal systems to automate document workflows and financial controls.