Hyper Labs Inc., which develops process-automation software powered by artificial intelligence, said Friday it raised $80 million in a new venture-capital funding round led by Tiger Global Management.
The New York-based company, which does business as Hyperscience, has about 200 employees. It has raised $190 million since it was founded in 2014, including $60 million in June.
Automation software, which includes a class of tools called robotic-software automation, or RPA, is designed to complete rote tasks, such as reviewing and processing routine paperwork, at a much higher speed and in greater volume than can office workers. The most advanced bots can handle complex business and legal documents.
The pandemic has helped accelerate an already fast-growing market for workplace automation, with the tools finding use in hospitals and among banks processing loans related to the economic downturn.
Hyperscience’s platform uses machine learning to automate data extraction. Specifically, its image-recognition algorithms assess how humans complete a task—such as transferring data from a document into a database—and then learn to apply that data-extraction process to other documents.