Hyperscience acquires Boxplot to provide data processing and graph-based data storage on a single platform
NEW YORK & BERLIN–(BUSINESS WIRE)–Hypersciencethe human-centric automation company, today announced that it has completed the acquisition of boxplot, a startup based in Berlin, Germany. Boxplot provides a graphical data modeling tool that allows organizations to visualize and better understand their customer data and explore its relationship to other data within their organization.
Boxplot reinforces Hyperscience’s core proposition of transforming human-readable data into machine-readable data essential to solving today’s customer management challenges. End customers are often affected by slow processes, such as weeks instead of days to process a mortgage or medical insurance claim.
the Hyperscience Platform enables organizations to take unstructured data that arrives in different formats – such as policies, invoices and emails – and read and understand it at scale, which speeds up processing times by ten times . The combination of the Hyperscience platform with Boxplot’s graphing technology will result in faster and better decisions, such as insurance pricing, who to mortgage, bills to pay and detection of fraud. This elevates and improves customer experience and organizational agility.
The agreement was signed on December 6 and marks Hyperscience’s first acquisition.
Deliver better results to customers
Organizing data into customer-defined graphs (i.e. networks of information, where each data element is linked by a relationship to other data elements) is also important when a organization wants to deploy multiple business processes because this data will often be shared. For example, when processing an insurance claim, it is important to retrieve the claimant’s policy. This request must be linked to a person, who is in turn linked to a policy.
Many customers currently perform this search manually by entering and exiting different registration systems. Boxplot will provide the backplane for business process interoperability, while simultaneously making Hyperscience a system of record that provides a cross-organizational view of data. This will allow for more automation and better machine learning performance.
Shared vision for a future of human-centric automation
Peter Brodsky, CEO and co-founder of Hyperscience, said, “At Hyperscience, we believe that machines and people work better together. It is a fundamental principle of what we call human-centric automation.” He added: “Hyperscience processes the data and Boxplot connects and stores the relationships between the data. The two fit together seamlessly because how data is stored determines how it can be processed, and vice versa. Above all, Boxplot fits into our vision of how automation will play out in the future. This acquisition represents an important step forward for us and for the market. The team that joins us will fit seamlessly into Hyperscience and will continue to drive us forward towards our vision of human-centric automation.
Fabian Schmidt-Jakobi, CEO and co-founder of Boxplot, added: “Hyperscience and Boxplot complement each other through their technological innovations and their shared vision for the organizations of the future. Their market-leading automation and machine learning capabilities for structuring data, coupled with our graph-based enterprise operating system, will be a powerful combination. We look forward to joining the Hyperscience team and working together to do more for our current customers and expand to others around the world.
Neil Ward-Dutton, Vice President, AI, Automation and Analytics Europe at IDC, said, “As automation and intelligence technology vendors mature and begin to approach large-scale implementations, they invariably find that resolving data integration and management issues contributes greatly to the overall effort to achieve customer goals. Being able to simplify the activity of managing business process data and sharing that data across business processes is a critical strategic enabler for any vendor looking to support multiple automation use cases for customers – and the to do well.
Hyperscience is transforming the future of work to elevate human potential. Our human-centric approach to automation enables a new era of human-machine collaboration that delivers dramatically improved organizational agility, without the inherited cost and burden of change management. By combining data, people, and processes in digital assembly lines, the Hyperscience Platform transforms complex processes into simple, configurable workflows. Our industry-leading machine learning technology is constantly learning and evolving, only involving humans when needed. For more information, visit www.hyperscience.com.