On the back of a strong 300% YoY growth, automation startup Hyperscience secured $60m series C funding. The new financing round was led by Bessemer Venture Partners with major investment by Tiger Global, Stripes, FirstMark Capital, Battery Ventures, among others.
Founded in 2014, the NewYork-based startup’s journey started focusing on an area that’s probably not fashionable: data entry. However, the Hyperscience team believed that data entry was an unmarked door, a secret entrance to the future, said CEO Peter Brodsky.
Manual data entry solves the problem of reformatting data from different sources to make it requirements of companies’ systems of record. Automating this task is the goldmine Hyperscience seems to be targeting and succeeding as well.
Counting TD Ameritrade and other financial institutions as customers, Hyperscience claims its Intelligent Document Processing (IDP) solution helps enterprises lower costs, reduce error rates by 67%, increase employee capacity by 10x and elevate customer experience.
“Enterprises everywhere are accelerating their adoption of automation amidst changing market dynamics and economic uncertainty. Mr Brodsky revealed on the official blog, the usage of our platform during the downturn has increased at a rate that is 3x greater than what it was before the pandemic.
In short, we are well positioned to become the world’s leading automation company, but we are just getting started.”
Technology powerhouse Microsoft recently announced the acquisition of Softmotive, a provider of low-code RPA dev environments bringing low-code RPA technology into Power Automate. Microsoft’s acquisition signals Big Tech’s focus on automation, an area Hyperscience is aiming to make a big difference.
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