HyperScience Secures $30 Million Series B Funding to Advance Medical Data Entry Automation

VCBeat (WeChat Official Account: vcbeat) has learned that HyperScience, headquartered in New York, recently announced the completion of a $30 million Series B financing round. The funds will be used to further develop its data automation software and promote the company’s products. The round was led by Stripes Group, with participation from FirstMark Capital, Felicis Ventures, Battery Ventures, Global Founders Fund, TD Ameritrade, and QBE.

HyperScience secured seed funding in its early stages and raised $10.9 million and $8 million in Series A financing in 2015 and 2016, respectively. The company’s total funding has now reached $50 million.

HyperScience is the world’s leading machine learning company, providing data automation services to the healthcare and insurance industries. Founded in 2014, the company aims to help the healthcare sector reduce its reliance on costly, slow, and error-prone manual data entry processes. By leveraging software that converts human-readable documents into machine-readable data with speed and accuracy far surpassing traditional data capture technologies, HyperScience enables large healthcare groups, pharmaceutical manufacturers, and health insurers to achieve significant cost savings.

Services provided by enterprises through HyperScience’s software include: First, automated data entry teams can offer customers faster turnaround times by reducing backend processing time; second, the document processing system can extract key detailed information from documents to automatically identify and filter out other trivial entries; compliance-driven data reconciliation involves unlocking, indexing, and reconciling critical medical data trapped in different document repositories.

Ron Shah, a partner at Stripes, stated, “Efficient automation tools that leverage the latest advancements in artificial intelligence to deliver clearer returns on investment have significant potential to disrupt the large and highly inefficient data entry market. HyperScience has fundamentally transformed how Fortune 1000 companies operate.”

Currently, the challenge with medical data lies in its complexity rather than its volume. HyperScience’s platform, which integrates machine learning and artificial intelligence, is poised to reduce professional errors in data entry, thereby ensuring the effective functional applications (such as regulatory compliance and quality control) and practical utilities (such as knowledge bases) of big healthcare data.

Stripes Group is a world-leading growth equity investment firm, focused on investing in the internet, software/SaaS, healthcare, and branded consumer goods sectors.

FirstMark Capital is an early-stage venture capital firm based in New York City that has built a network of entrepreneurs alongside the founders of prominent companies such as Pinterest, Shopify, Riot Games, InVision, and Airbnb.

Battery Ventures is a venture capital firm that primarily provides funding to companies in the technology sector through venture capital, private equity, and debt financing.

TD Ameritrade is an investment firm. The company offers services including common and preferred stocks, exchange-traded funds (ETFs), options trading, fixed income, margin lending, and cash management.

QBE is a leading management and technology consulting firm serving the federal government, defense, and intelligence sectors. Its experienced teams deliver measurable and sustainable results to enhance operational efficiency and optimize working capital.