Process automation startup Hypatos has raised a €10 million (~$11.8M) 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 dataset of more than 10M annotated data entities.
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