HyperScience, a US-based workplace automation technology developer backed by insurer QBE and retail brokerage firm TD Ameritrade, secured $60m in series C funding yesterday.
The round was led by venture capital firm Bessemer Venture Partners and included consulting firm Penna and Company as well as Tiger Global Management, Gaingels, Stripes Group, FirstMark Capital, Battery Ventures, Felicis Ventures and 3KVC.
Founded in 2014, HyperScience has built a software platform that relies on machine learning technology to extract information from printed and digital documents, making data machine-readable and facilitating the automation of business processes.
The product is aimed at sectors such as financial services, insurance and healthcare, as well as government agencies. HyperScience plans to now significantly expand the capabilities of its platform, CEO Peter Brodsky said in a blog post.
The company has now raised $111m in total, according to Forbes. Stripes Group led a $30m series B round in January 2019 that also featured QBE, TD Ameritrade, Battery Ventures, Global Founders Fund, FirstMark Capital and Felicis Ventures.
QBE’s corporate venturing arm, QBE Ventures, had already supplied an undisclosed amount of funding for HyperScience as part of a strategic partnership deal in mid-2018.
HyperScience emerged from stealth in 2016 with $18m in series A funding provided by FirstMark and Felicis, according to TechCrunch, which also identified 3KVC, AME Cloud Ventures, Slow Ventures, Box Group and Acequia Capital as shareholders.
