Hyperscience partners with several RPA players, including Blue Prism and UiPath, but ultimately it’s competing for the same business: the back-office type work processes that are essential to businesses, especially larger ones, but that don’t contribute to their core product. That can include processing insurance claims and enrollments in programs, mortgage applications and the myriad forms required for confirming, tracking and processing receipts and invoices with business vendors. Like the RPA leaders, Hyperscience has found demand in industries like financial services, where it counts TD Ameritrade and Fidelity as customers, as well as insurance, retail, logistics, healthcare and government.
Hyperscience’s approach, which it calls software-defined management, can detect the best process that would lead to a certain outcome, even if no human has yet put it in place. “RPA faces an existential threat from the fact that they have hitched their wagon to a legacy star,” Brodsky claims. “With or without us, legacy systems will inevitably die out; that’s what legacy systems do. We want to help businesses define their business processes the same way that they write software.”
With the new funding, Hyperscience, which has 145 employees in offices in New York, Sofia, Bulgaria and London, has now raised $111 million from investors including Tiger Global, Stripes Group, FirstMark, Felicis Ventures and now Bessemer. At Bessemer, partner Elliott Robinson says the hope is that Hyperscience can do something RPA hasn’t easily achieved: create systems that know when to loop in humans and when to leave them out of a process, in a way that doesn’t require a heavy touch from outside business analysts.