US-based back-office automation technology developer HyperScience has raised $30m in a series B round featuring insurance firm QBE and retail brokerage firm TD Ameritrade.
Growth equity firm Stripes Group led the round, which included Battery Ventures, Global Founders Fund, FirstMark Capital and Felicis Ventures, and which the company said took its total funding to $50m.
Founded in 2014, HyperScience is developing artificial intelligence-based technology that enables enterprises in the healthcare, insurance and finance industries as well as governmental organisations to convert information on paper documents into machine readable data.
HyperScience will use the capital to further develop its product and invest in engineering, sales and marketing. QBE and TD Ameritrade signed multi-year commercial agreements with HyperScience in 2018 to use its software across their respective businesses.
QBE Ventures, QBE’s corporate venturing unit of QBE, made an investment of undisclosed size in the business in May 2018 as part of its partnership deal.
Vijay Sankaran, chief information officer of TD Ameritrade, said: “HyperScience has developed innovative technology leveraging artificial intelligence that has consistently outperformed its peers with respect to both printed and handwritten transcription.”
HyperScience emerged from stealth in 2016 with $18m in series A funding from FirstMark Capital and Felicis Ventures according to TechCrunch, which named Third Kind Ventures, AME Cloud Ventures, Slow Ventures, Box Group and Acequia Capital as existing investors.