AI-based document workflow automation platform Nanonets has raised $10 million in its Series A investment round led by Elevation Capital. The round also saw participation from angel investors including Amar Goel, Gautam Kumar and Kushal Nahata,, Krish Subramanian, Rajaraman Santhanam, Vara Kumar Namburu and Khadim Batti and others.
The funds will be used to expand Nanonets’ engineering and AI/ML teams as well as hyper-scale its operations and go-to-market teams in new geographies, said Nanonets in a press release.
Founded by Prathamesh Juvatkar and Sarthak Jain, Nanonets provides machine learning APIs for developers to integrate into their products in just a few minutes. According to the company, it has grown its revenue over 10x in the past 18 months due to high demand from customers which include Global Fortune 500 companies.
The company had previously raised funds from Ashton Kutcher, Y Combinator, SV Angel, and Soma Capital.