NEW YORK, April 28, 2020 /PRNewswire/ -- Hyperscience, the leader in Intelligent Document Processing solutions, today announced that it is seeing increased usage of its solution, specifically within financial services and insurance. The company is also proud to announce that it has once again been recognized by leading research and consulting firms, including HFS Research and Everest Group, for its role in automating document processing and data extraction.
New Realities Accelerate Need for Document Processing Automation
The economic downturn is accelerating companies' plans for introducing automation into their processes.
"I believe we're going to see much more automation than we have even in recent downturns. Companies are facing new working conditions, including having a large part of their knowledge workers and data keyers work remotely, at the very time when their customers need them most," remarked Peter Brodsky, CEO and co-founder of Hyperscience. "This new reality has changed the meaning of 'peak times' for banks, financial services firms and insurers, who are suddenly inundated and required to process millions upon millions of pages. Enterprises are turning to us to leverage the benefits of automation and become faster and more responsive today."
Hyperscience Experiences Over 30% MoM Spike in Platform Usage in March
As the global pandemic continues to impact every organization, Hyperscience employees are working tirelessly to support customers, especially ones experiencing increased demand for their services.
"Usage of the Hyperscience platform jumped over 30% in March across our customer base, including a 37% increase in financial services use cases and 23% increase in insurance use cases," said Jon-Marc Patton, Vice President of Customer Experience at Hyperscience. "Our customers are dependent on our ability to automate their document processing and deliver data extracted with exceptional accuracy. People and families are relying on the decisions made as a result of this data, and the Hyperscience teams are aware of their role in making sure our technology supports accurate and fast processing."
Hyperscience Recognized for Machine Learning-Driven Accuracy, Time-to-Value
In addition, notable analyst and research firms continue to recognize Hyperscience for its Intelligent Document Processing solution, including:
- HFS, which recognized Hyperscience as a company "with the vision and strategy to impact and disrupt the rapidly-changing digital operations space" in their Q1 2020 Hot Vendor report after a rigorous five-step assessment, including client impact, ecosystem robustness and financial position.
- Everest Group, which named Hyperscience a Major Contender in their 2020 Intelligent Document Processing (IDP) Products PEAK Matrix® Assessment for the second year in a row.
- Zinnov also named Hyperscience a Leader in its Zinnov Zones' IDP rating, the first assessment of its kind from the global consulting firm.
"I am proud to see our customers and analysts recognize Hyperscience as the machine learning-based company that continues to challenge legacy solutions in Enterprise Automation," commented Brodsky. "We founded Hyperscience with the goal of blazing a new path towards a world where work is software-defined, and automation drives every process in the enterprise. The recognition we continue to receive is a testament to the capabilities of our Intelligent Document Processing solution, which is step zero in our mission, and the ongoing value we provide."
Hyperscience is the automation company that enables data to flow within and between the world's leading firms in financial services, insurance, healthcare and government markets, including TD Ameritrade, QBE and Voya Financial, among others. Founded in 2014 and headquartered in New York City with offices in Sofia, Bulgaria and London, Hyperscience has raised over $50M in venture funding to date from leading VCs, including Stripes Group and FirstMark Capital. For more information please visit www.hyperscience.com.