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 AI-based workflow automation platform Nanonets on Tuesday said that it raised $29 million in a Series B funding round led by venture capital firm Accel.

The funding round also saw participation from existing investors Elevation Capital, YCombinator and others.

This takes the total funding raised to date to $42 million.

"There are millions of highly skilled professionals stuck looking for needles in haystacks and entering this data from these documents into different software. Nanonets uses cutting-edge AI to automate these different processes," Sarthak Jain, CEO and Co-Founder of Nanonets, said in a statement.

Over the last two years, Nanonets has witnessed extensive growth in their customer base, with over 34 per cent of the Global Fortune 500 companies having used their AI-based workflow automation platform across finance, accounting, operations and several other business use-cases, according to the company.

Their user base has grown 4x in the last 12 months.

"Nanonets stood out to us due to its comprehensive platform and its capability for Straight Through Processing (STP) - these qualities set Nanonets apart in the field of automation and have already demonstrated their positive impact on customers," said Abhinav Chaturvedi, partner at Accel.

A majority of Nanonets’ revenue comes from automating finance processes such as accounts payable, reconciliation, etc