Hyperscience Achieves Record Growth in 2019, Driven by Accelerating Demand for Intelligent Document Processing
NEW YORK, Jan. 30, 2020 /PRNewswire/ — Hyperscience, the developer of next-generation intelligent document processing solutions for the enterprise, today announced that it has achieved key corporate milestones in 2019, including raising $30M in Series B funding, tripling its customer base, expanding its partner ecosystem, and doubling its team. The company is also on track to achieve its international expansion goals with the opening of its second European office in London.
Hyperscience’s accelerated growth is being driven by the increasing need for foundational automation solutions that can handle diverse document and data types, as well as eliminate manual processes and free up employee capacity to focus on customer needs.
“We are seeing great success because we solve one of the most pressing problems an enterprise has today,” said Charlie Newark-French, Chief Operating Officer, Hyperscience. “Enterprises run on data collected through a myriad of sources and formats, which enables them to extract key insights to unlock efficiencies and stay competitive. Unfortunately, companies are spending over $60 billion each year in order to convert documents into formats that can be read by various systems. Our intelligent document processing solution automates this process and also lays the groundwork for greater downstream AI, analytics and strategic digitization initiatives.”
Leading Enterprises, Partners and Analysts Recognize Hyperscience
Over the last twelve months, the company tripled its customer base within key verticals, including financial services and insurance. Hyperscience customers experience as much as a 67% decrease in error rates and a 10-fold increase in processing capacity.
Since June 2019, Hyperscience has expanded its partnership base to include leading Robotic Process Automation (RPA) providers UiPath and Blue Prism, as well as top strategic advisory and Systems Integrator (SI) firms. Hyperscience complements these companies’ initiatives, helping customers to unlock and access data from unstructured document types (e.g. PDFs, images, and more) and to promote continuous improvement initiatives.
In March, Hyperscience was also recognized as a “Major Contender” in the 2019 Everest Group Intelligent Document Processing (IDP) Products PEAK Matrix™ report.
Leadership Team Expansion, New Hires Support Long-Term Growth
To keep pace with growing demand, Hyperscience added more than 85 new employees across all functions, including R&D, sales, marketing and operations. The company, which was named one of Built In NYC’s Best Places to Work, Best Midsize Companies to Work For, Best Paying Companies and Companies With the Best Benefits in 2020, will continue to focus on strategic hiring this year.
Last year, Hyperscience expanded its leadership team to include executives with extensive enterprise technology, SaaS and domain expertise, including Manya Ellenberg as Vice President, People; Charlie Newark-French as Chief Operating Officer; Jon-Marc Patton as Vice President, Customer Success; Nelly Rinot as Vice President, Marketing; Bill Strogis as Vice President, Worldwide Sales; and Luke Surazski as Vice President, Engineering.
“I am especially proud of our ability to attract experienced and accomplished individuals who feel at home at Hyperscience,” remarked Peter Brodsky, CEO and co-founder, Hyperscience. “In the past year, we have added individuals who will help lead the company’s next phase of growth and product leadership. This is one of our most significant achievements and it will continue to have an impact on our mission, growth and people.”
HyperGrowth in 2020
Hyperscience is continuing to cement its market leader position in 2020, including expanding its customer base in North America and EMEA and building out its team. The company also plans to announce the next evolution of the Hyperscience platform in the second half of the year, including new capabilities and improvements to its Intelligent Document Processing solution.
Hyperscience is the automation company that enables data to flow within and between the world’s leading firms in financial services, insurance, healthcare and government markets, including TD Ameritrade, QBE and Voya Financial, among others. Founded in 2014 and headquartered in New York City with offices in Sofia, Bulgaria and London, UK, Hyperscience has raised over $50M in venture funding from leading VCs, including Stripes Group and FirstMark Capital. For more information please visit www.hyperscience.com.
Pardes Communications, LLC