Hyperscience, a human-centered automation company headquartered in New York, announced Dec. 7 the acquisition of Boxplot, a Berlin-based startup that will consolidate the company's data processing and graph-based data storage services into a single platform, according to a Businesswire press release.
The deal, which was finalized Dec. 6, is Hyperscience's first acquisition and is expected to convert the company's human-readable data into machine-readable data.
“At Hyperscience, we believe that machines and people work better alongside one another. This is a core tenet of what we call human-centered automation,” Peter Brodsky, CEO and co-founder of Hyperscience, stated in the release.
Additionally, the new partnership will target delayed procedures, which often impede mortgage and health insurance claim processing.
“As vendors of automation and intelligence technologies mature and start to address implementations at scale, they invariably find that solving integration and data management challenges are big contributors to the overall effort of delivering on customers' objectives," Neil Ward-Dutton, vice president, AI, Automation and Analytics Europe at IDC, said.
The Hyperscience Platform makes it possible for businesses to decipher unstructured data in a variety of different forms, such as policies, invoices, and emails. It also reduces the time required to process data.
Boxplot will serve as the backplane for interoperability of business processes, while Hyperscience will function as a centralized database that provides a cross-organizational perspective of information, allowing more automation and improved machine learning performance.
“Hyperscience and Boxplot complement each other’s technological innovations and like-minded vision for organizations of the future," Fabian Schmidt-Jakobi, CEO and co-founder of Boxplot, stated in the release, "Their market-leading automation and machine learning capabilities for data structuring combined with our graph-based enterprise operating system will be a powerful combination."
The integration of Boxplot's graph technology into the Hyperscience Platform will likely result in quicker and more accurate decision-making in areas such as insurance pricing, mortgage lending, invoicing and fraud identification, the release stated.