Hyperscience Company Profile

Background

Founded in 2014, Hyperscience is a leading provider of enterprise AI infrastructure software, specializing in hyperautomation solutions. The company's mission is to unlock the value of organizations' back-office data and documents by automating and orchestrating end-to-end processes. This approach transforms manual, siloed operations into strategic advantages, facilitating faster decision-making, enhanced customer experiences, and significant productivity gains. Hyperscience serves a diverse clientele, including prominent organizations such as American Express, Charles Schwab, HM Revenue and Customs, Mars, Stryker, the United States Social Security Administration, and the United States Department of Veterans Affairs.

Key Strategic Focus

Hyperscience focuses on delivering hyperautomation solutions that enable organizations to process complex documents and unstructured data with high accuracy and efficiency. The company's core objectives include:

Automating Data Entry: Achieving over 95% automation in data entry tasks with more than 99.5% accuracy, surpassing industry standards.

Enhancing Document Processing: Utilizing machine learning models to process structured, semi-structured, and unstructured documents, transforming them into AI-ready data.

Expanding Market Reach: Strengthening its presence in key markets, including financial services, government agencies, and multinational corporations.

Financials and Funding

Hyperscience has secured substantial funding to support its growth and innovation initiatives:

Series A (December 2016): Raised $18 million.

Series B (January 2019): Secured $30 million.

Series C (June 2020): Obtained $60 million.

Series D (October 2020): Raised $80 million, led by Tiger Global, bringing total funding to $190 million at that time.

Series E (December 2021): Secured an additional $100 million, increasing total funding to $290 million.

Notable investors include Bessemer Venture Partners, Battery Ventures, FirstMark Capital, Stripes, and Tiger Global. The capital has been utilized to enhance product development, expand the partner ecosystem, and grow the company's international presence.

Technological Platform and Innovation

Hyperscience's technological platform is distinguished by several proprietary technologies and methodologies:

Hypercell Platform: A modular system that automates end-to-end processes, transforming complex documents into AI-ready data suitable for large language models (LLMs) and retrieval-augmented generation (RAG) applications.

Machine Learning Models: Advanced models capable of processing various document types with industry-leading accuracy and automation rates.

Human-in-the-Loop (HITL) Processes: Incorporating human oversight to verify and improve accuracy, ensuring high-quality outputs.

Leadership Team

Hyperscience's leadership comprises experienced professionals driving the company's strategic vision:

Andrew Joiner: Chief Executive Officer. Former CEO of InMoment and held executive roles at HP Software and Autonomy.

Caron Cone: Chief People Officer. Held senior HR positions at ADP, Turner Broadcasting, Siemens, and Colonial Pipeline Company.

Erin Millender: General Counsel. Nearly 20 years of experience in corporate law, including roles at prominent law firms.

JJ Trahan: Executive Vice President of Global Revenue. Former SVP of Revenue at UserTesting and held leadership roles at Qualtrics and PTC.

Kathryn Stokes: Senior Vice President of International Strategic Growth. Experience in digital transformation with roles at Deloitte, WPP, and Capgemini.

Randy Cairns: Senior Vice President of Marketing. Over 20 years in communications and marketing, including roles at Business Objects and Hewlett Packard Enterprise.

Steven Vineyard: Chief Financial Officer. Experience in enterprise and self-serve SaaS, including roles at Vimeo and Synacor.

Leadership Changes

In August 2024, Hyperscience appointed JJ Trahan as Executive Vice President of Global Revenue to lead the company's next growth phase and meet the rising demand for enterprise AI solutions.

Competitor Profile

Market Insights and Dynamics

The intelligent document processing (IDP) market is experiencing significant growth, driven by organizations' need to automate data extraction from unstructured documents. This trend is fueled by the increasing adoption of AI and machine learning technologies to enhance operational efficiency and decision-making processes.

Competitor Analysis

Key competitors in the IDP and hyperautomation space include:

Amazon Textract: Offers automatic text and data extraction from scanned documents, identifying contents of fields in forms and tables.

IBM Datacap: Utilizes natural language processing and machine learning to classify and extract content from unstructured documents.

Rossum: Provides AI-driven data capture solutions for complex structured documents with human-level accuracy.

Laserfiche: Delivers enterprise content management software empowering organizations to manage information and business processes.

UiPath: Specializes in robotic process automation (RPA) with capabilities in intelligent document processing.

Strategic Collaborations and Partnerships

Hyperscience has established significant partnerships to enhance its market position and innovation capacity:

Google Cloud and Hewlett Packard Enterprise: Collaborated to leverage AI software that accelerates AI model development by transforming complex documents into accurate, AI-ready data estates for applications, including generative AI.