10 million Euro financing round for deep learning company Hypatos
The Berlin-based deep learning company Hypatos announces the closing of a € 10 million financing round. The round was led by UVC Partners, Blackfin Tech and Grazia Equity, with further investments coming from Plug & Play Ventures as well as existing investors.
Most back-office tasks still rely heavily on people and paper, generating annual costs of more than €2 trillion. Besides being costly, manual data processing is slow, error-prone, and mind-numbing. Hypatos offers machine learning technology to automate document-based processes such as invoice processing, travel and expense management, loan application validation, and insurance claims handling. Hypatos’ deep learning technology provides a high degree of automation compared to other process automation solutions. The company combines the latest language processing AI and computer vision technology with its training dataset of more than 10 million annotated data entities. This combination enables an in-depth understanding of document content and provides clients with end-to-end automation for document classification, information capturing, content validation, and data enrichment.
“We believe that we are in a pivotal moment of machine learning adoption in large organizations. Hypatos’ technology provides ample opportunity to transform many core business processes. We’re impressed by the Hypatos machine learning technology and see the team in a perfect position to take a leading role in the machine learning revolution to come.”, comments Andreas Unseld, partner at UVC Partners.
The AI company intends to use the funding for increasing its portfolio of machine learning models and become the standard for fully automated back office document processing for a wide variety of documents. The company will continue to grow in Europe and expand into North American and Asian markets.
Hypatos (www.hypatos.ai) is an AI company that specializes on automating high-volume document-based back-office processes with its proprietary deep learning technology. The company was founded in 2018 by Uli Erxleben and Janosch Novak as a technology spin-out of A/P automation and workflow company SMACC GmbH. Based in Berlin and Potsdam, Germany, and Warsaw, Poland Hypatos employs a team of 40 international staff and serves enterprise clients and software companies from Europe, North America, Asia, and the Middle East.
About UVC Partners:
Unternehmertum Venture Capital Partners (UVC Partners) is a Munich- and Berlin-based early-stage venture capital firm that invests in technology-based startups in the areas of industrial technologies, enterprise software and mobility. The fund typically invests between € 0.5 – 3m initially and up to € 12m in total per company.
Portfolio companies benefit from the extensive investment and exit experience of the management team as well as from the close cooperation with UnternehmerTUM, Europe’s leading innovation and business creation center. With over 180 employees and more than 100 industry partners, UnternehmerTUM can draw from many years of experience in establishing young companies. This cooperation enables UVC Partners to offer startups unique access to talent, industry customers, and other financial partners. The portfolio includes investments such as FlixBus, Carjump (Free2Move), KONUX, Blickfeld, 3YOURMIND and Vimcar.
Image: Dr. Ulrich Erxleben, Geschäftsführer Hypatos (c) Hypatos, Bildquelle: UVC Partners