Startup

Nanonets helps businesses tackle mundane tasks with AI

Published

3 months ago

August 2, 2024

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In March, AI automation platform Nanonetsmade headlines after bagging $29 million in a Series B funding round led by Acceland existing investors Elevation Capital, Y Combinatorand others.

Despite the increased competition in the workflow automation space, the San Francisco and Bengaluru- based startup has carved a space for itself by automating the most tedious parts of the job for highly skilled professionals such as finance, legal and procurement teams.

According to its founders Sarthak Jain and Prathamesh Juvatkar, eight-year-old Nanonets has been doubling its revenue year-on-year, with most of its revenue coming from the US market followed by Europe.

A major share of the company’s revenue is driven through automating finance processes like accounts payable and reconciliation. The company, however, declined to disclose specific numbers.

The need for simplicity

Nanonets is Jain and Juvatkar’s second go in the startup space. The duo previously built content aggregation startup Cubeit.io, which was acquired by Myntra in 2012.

However, at Myntra, they saw the pain points of implementing artificial intelligence, even with a skilled team. This led the duo to start Nanonets at a time when AI wasn’t as popular. as it is today.

“When we started Nanonets in 2016, the application layer of AI (neural networks) models was just getting started. Early applications like content moderation and image tagging were being discovered and to deploy them at a company was extremely challenging—training, deploying, testing, etc. We knew AI would become a basic requirement at each company adopting technology, hence we started Nanonets,” Jain tells YourStory.

Even today, many companies require employees to manually review complex documents, often entering data into systems or spreadsheets. More than being time-consuming and error-prone, the job is incredibly monotonous.

Drawing from their extensive experience in AI and machine learning research labs, they decided to automate these tasks.

The company enables customers to leverage machine learning tools for automating processes such as invoice processing, accounts reconciliation, and expenses management.

Automating processes

Data forms the backbone of many businesses today. However, it also remains inaccessible when it’s trapped in unstructured formats such as emails, PDFs, and invoices.

Companies often need to extract data by fetching information from its source and arranging it in a structured layout. This structured data can then be easily used in other software or databases for thorough analysis. This can involve pulling out specific details like contact information or financial data of a company.

Nanonets can accurately extract data from PDFs, documents, images, emails, scanned documents, and unstructured datasets with over 95% precision. While manual invoice processing typically takes 15 minutes, the startup accelerates this process to under a minute.

The startup has a monthly processing volume in the millions, and has achieved a Straight Through Processing (STP) rate exceeding 90%, without any human intervention.

Straight Through Processing (STP) rate refers to the percentage of transactions in a process that are completed without any manual or human intervention.

Additionally, Natural Language Processing (NLP) enables their technology to understand the contextual meaning within documents, enhancing its capability beyond simple word recognition.

Using discriminative models

Jain says the primary challenge is improving the accuracy of AI models. Unlike generative models, Nanonets uses discriminative models that do not generate new data but find information based solely on provided data.

“Instead of using generative models, we use discriminative models. These models, though large like generative AI models, don’t make things up. This distinction is crucial, especially in scenarios like a CFO closing monthly books where accuracy is important. What you want is a model finding the right result and running the correct output, as opposed to making something up,” he says.

The platform is SOC 2 compliant, GDPR compliant, ensuring data is used only for intended purposes.

To address security concerns, the startup has developed its own models to ensure data is not shared with third parties, ensuring confidentiality.

Future plans

With its latest round, Nanonets has raised $40 million to date. In 2022, the startup secured $10 million in a Series A investment round led by Elevation Capital.

The company plans to deploy the capital on research and development. Its 110-member team has recorded a fourfold increase in its user base in the past 12 months, it said in a statement.

Nanonets offers a freemium model to its customers, mainly to evaluate the efficiency of its automation solutions firsthand. Customers are charged based on their paperwork volume.

At present, the startup has over 10,000 customers, including those using its developer offerings. Some of its major enterprise clients include Swiss pharmaceuticals giant Roche and AsianPaints, an Indian paint major.

One of the major challenges the startup faces is automating workflows that involve unstructured data, which arises from the variety of document formats and types.

“For example, even for a single document type like invoices, there are thousands of possible formats, and your models need to be smart enough to work across all of them,” Jain says.

Jain says that few companies offer a solution that has all three: AI-based without manual intervention, high accuracy, and full workflow integration.

“This is our biggest strength on competitive deals today, and this is also what we consider our biggest challenge – to keep improving accuracy and the quality of our workflows,” he adds.

Some other players in the RPA (Robotic Process Automation) market include Uipath and Automation Anywhere, which tend to focus more on workflow automation rather than on data extraction.

The workflow automation market is expected to reach $34.18 billion by 2029, growing at a CAGR of 9.52% from 2024 to 2029, says a report by Mordor Intelligence. Some of it’s competitors include Docsumo, HyperVerge, Amazon Textract.

“We grew 100% last year and are on track to grow again, another 100%. We largely sell into a global market. Majority of our customers are in the US, but we have customers all over Europe, Singapore, and Australia and other regions,” Jain adds.

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Startup

Taming the restless ‘Monkey Mind’: 6 signs and calming tips

Published

6 mins ago

November 8, 2024

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Do you ever feel as if your thoughts are racing, jumping from one idea to the next without pause? This restless state of mind, commonly known as the “monkey mind,” can leave you feeling overwhelmed, distracted, and unable to focus. Imagine a monkey swinging from branch to branch—never still, always moving. The monkey mind does something similar, dragging your attention in multiple directions at once. In a world filled with constant notifications, endless tasks, and overstimulation, it’s no wonder our minds are often buzzing with a mix of unfinished thoughts, worries, and ideas.

Recognising and managing a monkey mind can be a game-changer for mental clarity, productivity, and peace. In this article, we’ll dive into six telltale signs of a monkey mind and explore proven strategies to calm it down and regain focus.

6 Telltale signs of a monkey mind

1. Constant overthinking

A classic sign of a monkey mind is constant overthinking. You may find yourself analysing every detail, reliving past conversations, or stressing over hypothetical situations that may never happen. This mental loop can keep you from moving forward or making decisions, trapping you in a cycle of what-ifs.

Try to channel overthinking into action by setting a time limit for worrying or planning, and then move on. Journaling can also help you process your thoughts and release them from your mind. Practicing mindfulness by focusing on what you’re doing right now can redirect your attention away from endless what-ifs.

2. Difficulty focusing on a task

If you find yourself switching tasks frequently, unable to concentrate on one thing for long, it’s a clear sign your mind may be restless. The monkey mind is easily distracted, often drawn to anything that promises novelty or instant gratification.

Implementing techniques like the Pomodoro Method—where you work for 25 minutes and then take a 5-minute break—can improve focus. Create a designated workspace, eliminate distractions, and try using noise-cancelling headphones or listening to concentration-friendly music to help you stay on task.

3. Procrastination and avoidance

A monkey mind often leads to procrastination, especially when faced with big or daunting tasks. The mind can become overwhelmed by the task’s complexity, prompting you to avoid it entirely and instead focus on smaller, less important activities.

Break tasks into smaller, manageable steps to make them feel less overwhelming. Set a specific goal for each work session, even if it’s just to complete a small portion. Reward yourself for each accomplishment, no matter how small, to keep your momentum going.

4. Heightened anxiety or stress

With the mind constantly jumping from one thought to another, stress and anxiety levels can increase. A monkey mind often dwells on worst-case scenarios and hypothetical fears, causing a continuous cycle of worry and tension.

Incorporate regular deep-breathing exercises or meditation into your day. Slow, mindful breathing can help activate the body’s relaxation response, lowering stress levels and bringing a sense of calm. For some, a quick physical reset—such as stretching or walking—can break the anxiety loop and help you feel grounded.

5. Trouble sleeping

If your mind feels like it’s in overdrive at night, it could be because of a monkey mind. Endless thoughts and worries can make it hard to fall asleep or stay asleep, leaving you feeling exhausted the next day.

Establish a calming bedtime routine to signal your mind and body that it’s time to wind down. Avoid screens at least an hour before bed, and consider listening to a guided meditation or calming sounds to lull your mind into relaxation mode. Journaling before bed can also help you clear your mind by putting your thoughts on paper.

6. Feeling constantly distracted

A monkey’s mind craves stimulation and often finds it challenging to stay present. You may find yourself constantly checking your phone, seeking out new content, or even daydreaming when you should be focused on a task at hand.

Practice “mindful breaks” during your day—short intervals where you put down your devices, observe your surroundings and ground yourself in the present. Limiting the number of things you try to multitask can help, too. Start by giving your full attention to one task, and slowly build your focus endurance from there.

Conclusion

Our minds are naturally curious, and having occasional restless thoughts is normal. However, when the monkey mind takes over, it can disrupt our peace, productivity, and well-being. Recognising the signs of a monkey mind and incorporating calming strategies—like mindfulness, structured work sessions, and relaxation techniques—can help you regain control over your mental landscape. The next time you find your mind swinging wildly, try one of these calming techniques to bring yourself back to a state of balance and clarity.

By making mindfulness a habit and addressing the monkey mind head-on, you’ll be able to cultivate a deeper sense of peace, focus, and contentment in your daily life.

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Startup

Swiggy IPO gets oversubscribed led by QIB bids

Published

1 hour ago

November 8, 2024

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Foodtech giant Swiggy IPO was oversubscribed 1.07 times by Friday afternoon, the third day of its book-building process.

Qualified Institutional buyers (QIBs), which typically invest on the last day to gauge overall market demand, came through for the company’s IPO, with the portion oversubscribed 1.52 times.

According to the BSE, non-institutional investors(NIIS) made bids for 22% of the allocated issue size, while retail investors subscribed to 97% of the portion.

The Sriharsha Majety-led company saw the quota reserved for employees being subscribed 1.38 times.

On the first and second days of the book-building process, Swiggy IPO was subscribed only 35% and 12%, respectively.

Swiggy has secured nearly Rs 5,085 crore (about $605 million) from anchor investors, including the life insurance and mutual fund divisions of HDFC, ICICI, and SBI. The anchor book attracted participation from over 75 major domestic mutual funds, along with international investors such as Astrone Capital, Fidelity, and BlackRock.

The Bengaluru-headquartered company, which competes with publicly listed Zomato and General Catalyst-backed Zepto, has set its IPO price band at Rs 371 – Rs 390 per equity share.

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OpenAI spent $10 million on this domain: Here’s why!

Published

2 hours ago

November 8, 2024

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Have you checked out X (formerly Twitter) lately? If you have, you might have come across an intriguing post by Sam Altman featuring a mysterious URL called “Chat.com”, with no caption. Curious? When you click on it, you’re taken straight to OpenAI’s groundbreaking tool, ChatGPT.

OpenAI has made headlines recently with a jaw-dropping move: they reportedly shelled out over $10 million for this domain! At first glance, this looks like a steep price tag in an era where many brands are trimming their budgets to stay lean.

So, what’s the story behind this hefty domain purchase? Let’s take a closer look at this!

Why OpenAI spent millions of dollars on a domain

This strategic move is driven by OpenAI’s mission to establish itself as a dominant force in the realm of AI-powered tools, particularly through its flagship product, ChatGPT.

In the tech world where innovation reigns supreme, securing a domain that perfectly aligns with the branding and functionality of its most popular service is a given. Today, ChatGPT has rapidly become a go-to AI tool used by millions for generating images, answering questions and offering assistance with content creation and even programming.

So, OpenAI’s purchase of chat.com is not just about owning a cool web address—it’s a calculated move to enhance its digital identity and ensure that the ChatGPT experience remains tied to its brand as it expands its offerings.

The bigger picture: OpenAI and HubSpot

In a surprising turn of events, the tech world is buzzing over OpenAI’s recent million-dollar domain acquisition, leaving many to wonder about its intriguing backstory. The domain in question, chat.com, has quite the history—it was initially registered way back in September 1996.

Fast forward to 2023, and it found a new owner in Dharmesh Shah, the co-founder and CTO of the widely popular CRM platform HubSpot, who purchased it for a staggering $15.5 million! But the plot thickens!

Just a few months later, in March, Dharmesh dropped a bombshell: he sold chat.com to an anonymous buyer for an undisclosed sum, which has now been confirmed to be OpenAI. While Sam Altman has remained tight-lipped about the specifics of the acquisition, reports from The Verge suggest that Dharmesh may have pocketed more than $15 million from the sale.

This hefty investment in chat.com is more than just a flashy purchase; it’s part of OpenAI’s strategic vision. Owning a domain that’s not only memorable but also inspires trust is crucial for establishing credibility and attracting customers in this competitive landscape.

Chat.com is now ChatGPT’s new destination

Spending more than $10 million on a domain might seem extravagant, but for OpenAI, this investment is a strategic move aimed at building a more unified, and recognisable brand. With chat.com, the company positions itself at the centre of the rapidly growing AI-powered market. As OpenAI continues to innovate, this domain acquisition will likely prove to be one of the company’s most crucial investments in securing its place at the top of the AI industry.

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