Source: marktechpost.com
Hypatos, a Germany and Poland based automation startup, raised around $11.8 million in a seed funding round. Many companies like Blackfin Tech, UVC Partners, Grazia Equity, and Plug Ventures participated in the round. The company will use these funds to widen its scope of documents for automated document processing. Hypatos will also focus on further expansion of the company across Europe, North America, and Asia.
Hypatos started due to the need for an AI solution for an accounting startup called Smacc to apply deep learning algorithms to automate a more comprehensive range of back-office operations. The primary focus was on the financial and insurance sectors with heavy financial document processing needs.
Manual document processing is costly and time-consuming. To solve this problem, Hypatos uses language processing AI and computer vision technology to automate complex document processing tasks such as invoices, travel and expense management, tax compliance checks, loan application validation, and insurance claims in different businesses. It claims to cut down 90 percent of the cost used in traditional manual document processing. Hypatos uses its deep learning algorithms for in-depth document processing and document classification, information monitoring, auto accounting, content validation, etc. It uses Cognitive Process automation (CPA), a combination of deep learning technology and traditional rule-based software robots for document processing giving it an edge from other automated document processing solutions. It can process many document types and also offers custom models for different automation needs. It also provides APIs for software providers using its machine learning technology for their applications.
In the COVID-19 pandemic, Hypatos claims to have seen an uplift as it is providing its services to more than a dozen Fortune 500 companies. This uplift’s primary reason is the lockdown, less budget, and less workforce in many companies. Many companies are now looking for automated solutions because they’re cost-effective and time-saving.