Hypatos gets $11.8M for a deep learning approach to document processing – TechCrunch

Process automation startup Hypatos has raised a €10 million seed round of funding from investors including Blackfin Tech, Grazia Equity, UVC Partners and Plug & Play Ventures. The Germany- and Poland-based company was spun out of AI for accounting startup, Smacc, at the back end of 20…

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ECM, ERP, CRM, RPA); and offers APIs for software providers to draw on its machine learning tech for their own applications. “All offerings include machine learning pipeline software for continuous model training in the cloud or in on-premise deployments,” it notes in a press release. “We have deep knowledge of how financial documents are processed and millions of data entities in our training data,” says chief commercial officer, Cem Dilmegani, discussing where Hypatos fits in the business process automation landscape. “We get compared to RPA companies like UiPath, enterprise content management (ECM) companies like Kofax Readsoft as well as generalist ML document automation companies like Hyperscience.

Hypatos claims it’s seeing uplift as a result of the coronavirus pandemic — noting it’s providing a service to more than a dozen Fortune 500 companies to help with in-shoring efforts which it says are accelerating as a result of COVID-19 putting pressure on the traditional business process outsourcing model as offshore workforce productivity in lower wage regions is affected by coronavirus lockdowns. “We believe that we are in a pivotal moment of machine learning adoption in large organizations,” adds Andreas Unseld, partner at UVC Partners, in a supporting statement. “Hypatos’ technology provides ample opportunity to transform many core business processes.

While there are plenty of business process automation plays, Hypatos says its use of deep learning tech supports an “in-depth understanding” of document content — which in turn allows it to offer customers a ‘soup to nuts’ automation menu that covers document classification, information capturing, content validation, and data enrichment.

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