Hypatos, deep learning based document processing startup, raises $11.8M

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.