- Hyperscience announced it has $80 million in Series D funding led by Tiger Global. These are the details.
Hyperscience announced it has $80 million in Series D funding led by Tiger Global with participation from new investor BOND. Including this funding round, the company has raised a total of $190 million since it launched. Bessemer Venture Partners and all existing major investors participated in the round, which reaffirms their support of the company’s vision to transform business processes through Software-Defined Management.
Many software companies have been promising to automate manual processes, but struggle to do so reliably, efficiently, and at scale. The technology developed by Hyperscience automates 95% of data entry with over 99.5% accuracy, far surpassing the average industry accuracy rate which hovers around 55%. And clients who choose Hyperscience are using the company’s automation technology to completely revamp how they use data, make business decisions, and structure their operations. Now they are looking to do more.
Hyperscience’s technology has evolved through Software-Defined Management (SDM) principles — which deliver horizontal, end-to-end automation, and challenge existing enterprise automation approaches. And the Hyperscience Platform allows businesses to use a combination of horizontal and stackable blocks and workflows to build vertical solutions that automate business processes like claims processing and loan origination. And these blocks are purposefully designed document processing functions, such as Classification, Extraction, and Collation, with independent configurability that allow users to convert unstructured input to business outcome.
This round of funding will be used to accelerate the development of the Hyperscience Platform, including data validation and unstructured data processing, as well as to build out the partner and channel ecosystem. And the company will also significantly grow its international presence to meet accelerated demand with over one-quarter of its business projected to originate in Europe in 2021.
KEY QUOTES:
“The glaring problem with legacy technology is that it builds upon broken business processes. Without fixing these underlying processes, effective automation is impossible.”
“Hyperscience has been accelerating its growth, and we are more motivated than ever to provide our customers with a solution that will power better business outcomes – and consumer experiences – than what’s currently available. With our world-class team and this recent raise, Hyperscience is on track to become a global leader in business automation.”
— Peter Brodsky, Hyperscience’s CEO and co-founder
“The ground beneath the feet of technology leaders has forever changed. With the constantly moving business landscape, Hyperscience is well-positioned to advance automation and overcome the limitations of legacy technology approaches. As organizations come to embrace a software-defined solution, there will be a future where they will be more resilient when faced with the unexpected.”
—John Curtius, Partner, Tiger Global
“Data automation is step zero of any business process and this is Hyperscience’s competitive edge. Coupled with cutting-edge Machine Learning models they’ve built over the years, their technology is outpacing competitors by a landslide. I am confident that Hyperscience will be the company to power enterprise automation at scale, transforming how organizations operate and serve their clients and employees for the better.”
— Elliott Robinson, Partner, Bessemer Venture Partners
“2020 has been a year of unprecedented change for our customers, and we’ve seen 10x increase in platform usage as a result. We are proud of our recent growth but even more excited about what the future holds. Hyperscience will enable the largest multinational organizations, financial institutions and government agencies to transform operations, rather than put band-aids on existing fragile processes, ultimately resulting in substantially better outcomes for our customers’ customers.”
— Charlie Newark-French, COO, Hyperscience
