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Nanonets is an AI-driven platform that automates and optimizes accounts payable processes. It uses advanced Optical Character Recognition (OCR) technology to read and extract data from invoices, significantly reducing manual data entry and improving efficiency for businesses.

Key features:
- Invoice Data Extraction: Automatically reads and extracts details from invoices, including line items and GL codes.
- Real-Time Notifications: Alerts users to invoices that need attention.
- Payment Flexibility: Supports ACH debit or credit, wires, cards, and wallet payments in over 40 currencies.
- Integration Capabilities: Offers direct integration with major financial systems like SAP.
- Efficiency Enhancement: Makes accounts payable teams up to 5 times more efficient.
- Cost Reduction: Decreases accounts payable costs by up to 70%.
- Time Savings: Significantly reduces manual data entry time, with some users reporting up to 95% time savings.

How it works:
1. Users upload invoices in various formats (PDF, images, etc.) to the web application.
2. The AI reads and extracts relevant data from the invoices.
3. Extracted data is automatically synced to the user's accounts payable system.
4. Users receive real-time notifications for any invoices that require attention.

Integrations:
SAP, major banks, and payment partners

Use of AI:
Nanonets utilizes generative AI, particularly advanced OCR technology, to convert unstructured invoice data into structured, usable information. This AI-driven approach enables high accuracy and efficiency in data extraction from various invoice formats.

AI foundation model:
The specific AI foundation model or Large Language Model (LLM) used by Nanonets is not detailed. However, the platform focuses on delivering high accuracy and efficiency in data extraction for accounts payable processes.

Target users:
- Finance teams looking to automate and optimize accounts payable processes
- Businesses seeking to reduce manual data entry and improve efficiency
- Enterprises needing integration with existing financial systems like SAP

How to access:
Nanonets is available as a web application and offers API access for integration with other systems. It is not open source.

Company information:
Nanonets was founded in 2017. The platform continues to evolve and improve its AI-driven accounts payable automation capabilities.