HyperScience, a provider of AI-powered data entry automation software, raised $60 million Series C financing.
Bessemer Venture Partners led the financing round with significant investment from Tiger Global.
Existing investors Stripes, FirstMark Capital, Battery Ventures, Felicis Ventures, 3KVC, and new investors Gaingels and Penna & Company, also participated in the financing round.
The company plans to use new funds to expand its data entry automation business and bring more office automation to enterprises and governments worldwide.
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 higher 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.
Founded in 2014, HyperScience has raised $110 million to date, including a $30 million Series B funding round in 2019, led by Stripes Group, a New York-based growth equity firm, with participation from software, data analytics, and enterprise technology companies, including Flatiron Health, Sift Science, SPINS and Upwork.