AI company Hypatos has secured €10 million funding for automating financial document processing.
The company plans to use the funding to productize additional document use cases and to expand business in Europe, North America, and Asia. This includes intensifying the cooperation with its existing Fortune 500 clients in these markets.
Investors include Blackfin Tech, Grazia Equity, UVC Partners and Plug & Play Ventures.
Hypatos said that its 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 understanding of document content and provides clients with end-to-end automation for document classification, information capturing, content validation, and data enrichment.
Hypatos offers three types of CPA to address their customers’ needs. These include end-to-end document automation solutions, machine learning modules for enhancing existing systems and components for software providers that leverage Hypatos’ machine learning technology in their applications.
All these offerings include machine learning pipeline software for continuous model training in the cloud or in on-premise deployments.
Further, Hypatos is supporting more than a dozen Fortune 500 companies in their in-shoring efforts, which are accelerating with COVID-19.