Company Research Report: Nanonets



Company Overview



Name


Nanonets

Mission Statement


To make machine learning as ubiquitous as databases.

Founding and History


Nanonets was founded in 2017.

Founders


No information is available.

Key People


  • Sarthak Jain - CEO and Co-founder

  • Paras Khaitan - No information is available.

  • Prathamesh Juvatkar - Building Nanonets

  • Abhinav Chaturvedi - No information is available.

  • Mukul Arora - No information is available.


Headquarters


San Francisco, California, USA

Number of Employees


Nanonets has between 51-200 employees.

Revenue


No information is available.

Notable Achievements


Nanonets is known for enabling self-service artificial intelligence, simplifying the adoption of AI and machine learning with minimal training data or knowledge of machine learning.

Products



Nanonets AP Automation


  • Description: A software solution designed to automate the accounts payable process.

  • Key Features:

  • Invoice Data Extraction

  • Approval Workflow Automation

  • Integration with major ERPs/CRMs


Nanonets OCR


  • Description: Optical Character Recognition software designed for data extraction from various document types.

  • Key Features:

  • Supports 60+ languages

  • Works with various document types irrespective of the region

  • Customizable OCR solutions


Recent Developments



Recent Funding


  • Date: April 12, 2024

  • Type: Series B

  • Amount: $29 million

  • Investors: Led by Accel, with continued support from Elevation Capital and Y Combinator.


New Product Developments


  • AI Integration with JAMIX Oy/Inc. Kitchen Intelligence System:

  • Date: August 2024

  • Description: Integration to digitize and streamline delivery information from printed documents for enhanced order management, accuracy, and reduced labor costs in the foodservice industry.


User Base Expansion


  • Growth: Quadrupled user base in the last 12 months.

  • International Presence: Expanded presence in Asia and Europe in addition to the US.


Revenue Growth


  • Growth Rate: 2x year-over-year revenue growth.


Team Expansion


  • Growth: Team size increased by 25% internationally in the last year.


Key Partnerships



JAMIX Oy/Inc. Kitchen Intelligence System


  • Partnership: Integration to enhance order management, reduce manual data entry errors, and improve accuracy in foodservice operations.


Conclusion


Nanonets is a rapidly growing company firmly positioned at the intersection of AI and enterprise automation. With significant recent funding, strategic partnerships, and a robust product lineup, Nanonets continues to expand its market presence and technological capabilities.