Series B Led by Stripes Group to Continue Rapid Growth and Development of New Machine Learning Products and Technologies for Office Automation
HyperScience, a leading edge machine learning company offering enterprise-grade solutions for automating office work at scale, announced a $30 million Series B funding round led by Stripes Group, a New York-based growth equity firm with investments in a number of advanced software, data analytics and enterprise technology companies, including Flatiron Health, Sift Science, SPINS and Upwork, among others. Existing investors FirstMark Capital and Felicis Ventures as well as new investors Battery Ventures, Global Founders Fund, TD Ameritrade and QBE also participated in the round, bringing the company’s total funding to $50 million.
The new round of financing will allow HyperScience to further invest in engineering and product development, sales and marketing, and a rapid expansion of the team across all functions.
“A lot of people aren’t aware of just how expensive and time intensive it is for businesses to collect the information they need, and how prohibitive that can be for the data they’d like to be capturing,” said HyperScience CEO Peter Brodsky. “Whether it’s a 300- or 3,000-person team, it’s remarkable how manual most of this work has remained, and how understaffed these teams can be as a result. By automating data entry, we help our customers in Finance, Insurance, Healthcare and Government extract data better, faster and cheaper. In working with Stripes we will be able to deliver more value to more customers by further building out our team and product. Furthermore, we’re excited to be expanding our product offering to automate even more types of office work.”
“We are very excited to be partnering with Peter and the entire HyperScience team,” said Stripes Group Partner Ron Shah. “We believe that there is substantial opportunity to disrupt the large and highly inefficient data entry market with high-powered automation tools that leverage recent advances in machine learning and artificial intelligence in a practical, applied fashion and deliver a clear ROI for some of the world’s most complex enterprises. HyperScience’s platform is already fundamentally transforming how Fortune 1000 enterprises operate, and we believe they are just getting started in realizing the full vision of their offering.”
HyperScience helps large organizations across industries such as Insurance, Financial Services, Healthcare, and Government reduce their dependence on costly, slow, and error-prone manual data entry operations. By automating the transcription of human-readable documents into machine-readable data with far greater speed and accuracy than legacy data capture technologies, HyperScience enables organizations to:
- Automate data entry teams: Deliver faster turnaround times for customers by reducing backend processing time by over 75%;
- Straight-through invoice processing: Extract key details from invoices to automatically identify and process low-dollar, high-volume claims; and
- Compliance-driven data reconciliation: Unlock, index, and reconcile critical customer data trapped in disparate document repositories.
Last year, HyperScience announced an investment and partnership with QBE, whereby QBE entered into a multi-year commercial use agreement to roll out HyperScience solutions across the company globally. Ted Stuckey, Managing Director at QBE said, “We’ve been able to drive immediate value to our business through our initial implementation of HyperScience. We look forward to continuing to work closely with the team at HyperScience to expand our use of their products globally across QBE.”
TD Ameritrade also signed a multi-year commercial agreement with HyperScience in 2018 and subsequently participated in the round. HyperScience solutions have reduced TD Ameritrade’s reliance on manual data entry, translating written text on forms into a digitized format. “HyperScience has developed innovative technology leveraging artificial intelligence that has consistently outperformed its peers with respect to both printed and handwritten transcription,” Vijay Sankaran, Chief Information Officer at TD Ameritrade said. “Our investment not only strengthens our strategic relationship with HyperScience but also signals our intention to work with the company to develop solutions to address additional data manipulation problem spaces.”
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