HyperScience, Bulgarian-American Data Entry Automation Company, Raises $30 M in Series B Round

HyperScience, Bulgarian-American Data Entry Automation Company, Raises $30 M in Series B Round

Bulgarian-American IT company HyperScience raised $30 M in a Series B round led by Stripes Group, with participation from existing investors FirstMark Capital and Felicis Ventures, as well as new investors Battery Ventures, Global Founders Capital, TD Ameritrade and QBE. The latest round brings HyperScience’s total funding to $50 М, a good deal of which the company plans to use for development and expansion of marketing and sales teams based in New York.

HyperScience was founded in 2013 by Krasimir Marinov and Vladimir Tsankov from Bulgaria and Peter Brodsky from America. Their first idea was to develop a suite of software enterprise products focused on the healthcare, insurance, finance and government industries. The original products were HSForms (which handled data-entry by converting hand-written forms to digital), HSFreeForm (which did a similar function for hand-written emails or other non-form content) and HSEvaluate (which could parse through complex data on a form to help insurance companies approve or deny claims by pulling out all the relevant info).

Now, the company has combined all three of those products into a single product called HyperScience. The product is meant to help companies and organizations reduce their data-entry backlog and better serve their customers, saving money and resources. HyperScience has two offices, one in New York and the core development team of the company in Sofia. For 2017 the company registered revenues of €2.3 M and profit of €59,000.

Stripes Group is a private equity and venture capital firm based in Manhattan, New York. The firm focuses on acquiring well-developed start-ups, and makes $10-100 M investments in Internet, Software, Healthcare IT and Branded Consumer Products businesses.

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