In every round we’ve been fortunate in meeting an investor that stands out from all the rest. We knew we wanted Elliott Robinson to join our board long before Bessemer invested. The in-depth conversations we had with him and Mary D’Onofrio about our business, and the opportunities and challenges we faced, helped meaningfully advance our thinking – something that’s rare in due diligence. Furthermore, Elliott’s kind and patient nature – two important qualities we look for in our leaders – made it feel like we were already on the same team, we just needed to make it official. And so we did.
I’m pleased to announce our $60M Series C financing round led by Bessemer Venture Partners with major investment by Tiger Global, participation from our existing investors Stripes, FirstMark Capital, Battery Ventures, Felicis Ventures, and 3KVC, as well as Gaingels and Penna & Company, two firms new to Hyperscience.
Thanks to the value we deliver our customers, our business has grown 300% YoY. MoM usage of our platform during the downturn has increased at a rate that is 3x greater than what it was before the pandemic, as enterprises everywhere are accelerating their adoption of automation amidst changing market dynamics and economic uncertainty. In short, we are well positioned to become the world’s leading automation company, but we are just getting started.
Where we’ve been, where we’re going
On the cusp of delivering a massive upgrade to our capabilities, it’s worth looking back to where we started. Our story began with what must have seemed to everyone outside the company as a particularly unremarkable focus: data entry. However, we believed that data entry was an unmarked door, a secret entrance to the future.
Manual data entry solves the problem of reformatting data from different sources to make it fit the arbitrary format requirements of companies’ systems of record. That step of getting data into the system is the critical step zero in many business processes. Today, even purely digital, machine-generated documents (e.g. PDFs) are not inherently machine-readable. The output of one software system has to pass through human hands in order to be made compatible with requirements of another system. In other words, whereas the internet connects people using computers, enterprises connect computers using people – it’s an upside down, Pony Express version of the internet that is slow, expensive and error-prone.
Hyperscience offers a better way. Over the last three years, we’ve automated most of step zero through our Intelligent Document Processing (IDP) solution, helping enterprises lower costs, reduce error rates by 67%, increase employee capacity by 10x and elevate customer experience. We work with many of the world’s leading financial services, insurance, healthcare and government organizations to orchestrate data, people and processes in digital assembly lines, delivering data extracted with exceptional accuracy that businesses use to inform decisions. Being able to understand the data has enabled us to deliver a broad spectrum, input-to-outcome automation solution for many business processes. We’re calling it Software-Defined Management, and we will be sharing more later this year when the next-generation of the Hyperscience Platform is available to all our customers.
To our existing customers, thank you. Thank you for the trust you place in us daily, and for your help and partnership in helping us build ever-evolving products that help improve your customers lives for the better.
Lastly, I want to thank the Hyperscience team. This raise is a testament to the faith our investors have not just in our product, but also in the people who will lend their talent, time and passion to building our vision. I’m lucky to be a member of a team committed to living our values, and I’m thankful for them every day.
Bessemer’s Elliott Robinson & Mary D’Onofrio on enterprise automation-at-scale