Automation software startup Hyperscience announced Thursday that it just closed a $60 million Series C funding round. This new round was led by Bessemer Venture Partners and brings the company’s total capital raised to $111 million since its founding in 2014.
Hyperscience has designed an “input-to-outcome” platform that helps business automate a variety of tasks, such as data entry, client onboarding, form processing and so on. While necessary, these tasks are often repetitive and can take employee bandwidth away from other projects. By automating these tasks, businesses can save time and money, and focus its employee resources on more demanding projects.
TD Ameritrade, QBE, several government agencies and large global businesses all use Hyperscience’s platform to automate aspects of their businesses. As a result, the company says that it can reduce its customers’ error rates by 67 percent and increase employee efficiency by 10 times.
This new round of funding comes after a big year of company growth. Hyperscience grew its revenue by 300 percent year-over-year in Q1 2020. And the company saw usage of its platform increase by 30 percent in March. The company also claims that its customers are relying on enterprise automation more as they adjust to changing working conditions because of COVID-19.
“I am proud of the work we did in the past three years, mastering step zero of our roadmap through our intelligent document processing solution,” Peter Brodsky, CEO and cofounder of Hyperscience, said in a statement. “This new round of funding will accelerate the development of the Hyperscience platform and allow us to focus on the next phase of the platform’s evolution: offering input-to-outcome solutions to our customers.”