UVC Partners has backed what appears to be financial document processing software company Hypatos's first funding round.
Hypatos, a Germany-based document processing tool developer, has secured €10m ($11.8m) of seed funding from investors including UVC Partners, the early-stage venture firm affiliated with Technical University of Munich’s tech transfer firm, Unternehmertum, TechCrunch reported yesterday.
The seed round was filled out by Blackfin Tech, Grazia Equity and Plug & Play Ventures.
Founded in 2018, Hypatos builds software tools powered by natural language processing and image recognition that let enterprises such as financial services and insurance firms automate routine back-office tasks such as invoicing and validating loan applications.
The software is touted as being particularly adept at understanding inputted information, having been taught using more than 10 million annotated data entities.
Users can also access a number of customisable settings to alter the parameters for document processing from a single dashboard, as well as a development module to build bespoke deep learning models.
The seed round is expected to sustain R&D as Hypatos looks to add more document types to its platform, lining up with its plans to push into markets across Europe, North America and Asia.
