Global Big Data Conference

Process automation startup Hypatos has raised a €10 million ( $11.8 million) seed round of funding from investors including Blackfin Tech, Grazia Equity, UVC Partners and Plug & Play Ventures. The Germany and Poland-based company was spun out of AI for accounting startup Smacc at the back end of 2018 to apply deep learning tech to power a wider range of back-office automation, with a focus on industries with heavy financial document processing needs, such as the financial and insurance sectors. Hypatos is applying language processing AI and computer vision tech to speed up financial document processing for business use cases such as invoices, travel and expense management, loan application validation and insurance claims handling via -- touting a training data set of more than 10 million annotated data entities. It says the new seed funding will go on R&D to expand its portfolio of AI models so it can automate business processing for more types of documents, as well as for fueling growth in Europe, North American and Asia. Its customer base at this point includes Fortune 500 companies, major accounting firms and more than 300 software companies.