Nanonets, a finance-focused business process automation platform, has raised USD 29 million in Series B funding led by Accel, with participation from Elevation Capital and Ycombinator. This round brings the company's total funding to USD 42 million.

The company plans to use the funding to support product development and scaling its go-to-market efforts. Specifically, Nanonets plans to develop and launch new products based on improved ML algorithms that can process unstructured data.

Nanonets offers a no-code platform that enables users to automate a range of business processes using AI-powered workflows. The platform provides optical character recognition capabilities that enable users to extract information from documents, emails, tickets, and databases. Users can leverage this data to automate manual workflows across a range of finance processes, such as accounts payable, accounts receivable, reconciliation, invoice processing, and expense management.

Analyst QuickTake:  Nanonets is the third finance-focused process automation platform to receive funding for two months. It is joined by DocuPhase , which secured an undisclosed amount in investment, and Datasnipper , which raised an undisclosed USD 100 million in Series B funding. The primary differentiator of nanojets is their ability to guarantee straight-through processing (STP), which is the percentage of data processed without any manual intervention. It claims that, unlike other large language models, its models can learn from new information without additional training.