Just five months after closing a $60 million Series C, automation software startup Hyperscience announced Friday it raised another $80 million in a Series D funding round led by Tiger Global. This brings the NYC-based company’s total funding raised to more than $180 million.
Hyperscience helps businesses automate repetitive but necessary tasks like data entry and client onboarding, which then gives employees more time to work on other projects and saves the company money.
Powered by machine learning, the platform is built on “modular blocks,” or components that can be independently developed and deployed. Each block accomplishes a single task, but can also be assembled together to create a workflow. Users can then integrate third-party data sources and extract actionable insights to run more efficiently over time. At the end of the day, Hyperscience claims it can automate 95 percent of data entry with over 99.5 percent accuracy.
“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,” Elliott Robinson of Bessemer Venture Partners, who also participated in the Series D, said in a statement. “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.”
Indeed, as companies become more digital than ever amid the pandemic, Hyperscience claims to have experienced immense growth. The company reports 3x year-over-year revenue growth and a 10x increase in platform usage.
To keep up, the company says it plans to use this fresh funding to further improve its platform, form more partnerships and grow its international presence, predicting that more than a quarter of its business will be in Europe by next year. The company is also growing its team, with several open tech positions available right now.
“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,” CEO and co-founder Peter Brodsky said in a statement. “With our world-class team and this recent raise, Hyperscience is on track to become a global leader in business automation.”