Automation startup Hyperscience Inc. said today it has raised $60 million in new funding to accelerate the development of its automation platform.

The Series C round was led by Bessemer Venture Partners and included Tiger Global, Stripes, FirstMark Capital, Battery Ventures, Felicis Ventures, 3KVC, Gaingels and Penna & Company. The valuation on the round was not disclosed, but Forbes reported that the figure is likely more than $250 million.

Founded in 2014, Hyperscience’s so-called input-to-outcome automation platform is designed to assist enterprises quickly build and roll out new business processes. It uses built-in automation that reduces manual errors, increasing high and low-skill employees productivity while also eliminating the need for costly transformation. Using artificial intelligence and machine learning, the company says, the platform makes automation smarter so it can handle more of the tasks humans currently perform.

The platform is said to tackle problems that enterprises face daily including how to manage processes, how to manage change, how to manage the process of change, how to organize hierarchies and talent and how to build processes that adapt and don’t become obsolete over time.

Hypersciences’ Intelligent Document Processing solution helps enterprises lower costs, reduce error rates by 67%, increase employee capacity by 10 times and elevate customer experience, the company says.

The company has revenue growth of over 300% year-over-year and has seen platform usage grow by three times since the beginning of the COVID-19 pandemic. Customers include some of the world’s leading financial services, insurance, healthcare and government organizations with TD Ameritrade Holding Corp., QBE Insurance Group Ltd. and Voya Financial Inc. among them.

“Enterprises everywhere are accelerating their adoption of automation amidst changing market dynamics and economic uncertainty,” Peter Brodsky, co-founder and chief executive officer of Hyperscience, said in a blog post. “In short, we are well-positioned to become the world’s leading automation company, but we are just getting started.”

In addition to the funding announcement, Hyperscience also teased a solution called Software-Defined-Management that will be available later this year on the Hyperscience Platform. To be launched along with the company’s next-generation platform, the solution offers an improved understanding of data for the delivery of broad-spectrum automation.

Hyperscience has raised $111 million to date, including an $18 million round in 2016.

Image: Hyperscience