# Nanonets

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/nanonets

- Industry: Software
- Headquarters: San Francisco, US
- Website: www.nanonets.com/
- Total disclosed funding: $42M
- Latest round: Series B (Mar 4, 2024)
- Investors on record: 10

## About

Based in California, US, and founded in 2017, Nano Net Technologies Inc., trading under the name Nanonets, provides an AI-based document workflow automation platform. In March 2024, Nanonets raised USD 29 million in Series B funding led by Accel, including Elevation Capital, and Y Combinator. The series B funding valued Nano Net Technologies Inc. at USD 124.99 million post-money. As of 2024, the company is led by its CEO, Sarthak Jain.

The company is the developer of a machine learning-based API that allows developers to create ML models without having any prior training in the subject. The company's API provides developers with machine learning models such as OCR, object detection, image classification, segmentation, tagging, and similarity, which require input in the form of some basic training models and a few lines of code, allowing clients to use machine learning models to improve productivity and business in general without having to use complicated databases. Its products include invoice OCR, driver's license OCR, passport OCR, and ID card OCR. It also offers enterprise automation, accounts payable, and table extraction solutions.

The company generates revenue through its software subscription packages, which include starter (free), pro (USD 0.1/page and USD 499/model monthly), and enterprise.

Nanonets plans to use the Series B funding, received in March 2024, to further enhance its automation processes that involve large amounts of unstructured data.

## Funding rounds

- Series B, Mar 4, 2024, $29M — Accel, Y Combinator, Elevation Capital
- Series A, Oct 6, 2021, $11M — SV Angel, Y Combinator, Elevation Capital, Soma Capital Management
- Seed, Apr 1, 2017, $1.4M — Avalon Ventures, SV Angel, FundersClub, Sound Ventures, Soma Capital Management, Lynett Capital
- Seed, Jan 14, 2017, $0.1M — Y Combinator, Mainspring Capital Partners

## Investors

- Y Combinator (https://capitalatlas.ai/funds/y-combinator) — Seed, Series A, Series B
- Mainspring Capital Partners (https://capitalatlas.ai/funds/mainspring-capital-partners) — Seed
- Avalon Ventures (https://capitalatlas.ai/funds/avalon-ventures) — Seed
- SV Angel (https://capitalatlas.ai/funds/sv-angel) — Seed, Series A
- FundersClub (https://capitalatlas.ai/funds/fundersclub) — Seed
- Sound Ventures (https://capitalatlas.ai/funds/sound-ventures) — Seed
- Soma Capital Management (https://capitalatlas.ai/funds/soma-capital-management) — Seed, Series A
- Lynett Capital (https://capitalatlas.ai/funds/lynett-capital) — Seed
- Elevation Capital — Series A, Series B
- Accel (https://capitalatlas.ai/funds/accel) — Series B