Hyperplane Secures $6 Million AI Funding to Transform Banking Industry
Published on: March 10, 2024
Hyperplane, a startup specializing in AI foundation models for banking, is stepping out of stealth mode with a $6 million funding announcement. This round, led by former Stripe executive Lachy Groom, includes investors like SV Angel, Clocktower Technology Ventures, and Liquid2 Ventures. Hyperplane's mission is to revolutionize banking by enabling personalized experiences through predictive customer behavior models.
Already collaborating with about a dozen banks in Brazil, Hyperplane aims to expand its innovative services to the U.S. market. Co-founded by Felipe Lamounier, Daniel Silva, Rohan Ramanath, and Felipe Meneses, the team brings a rich background in AI and technology, with experience from Google, LinkedIn, and the Brazilian EdTech startup StartSe.
The company's core hypothesis revolves around the concept of creating a personalization layer for banks globally. 'Banks have a treasure trove of first-party data which can be harnessed to understand consumers deeply and integrate personalization into their services,' explains Ramanath. Hyperplane aims to build a data intelligence layer that banks can use to plug in their data for enhanced customer insights.
Hyperplane's approach is rooted in the belief that banks possess more granular data about their customers than most other services, providing a unique advantage in offering personalized experiences. Lamounier emphasizes that this data is more indicative of consumer behavior than the information available to tech giants like Google or Facebook.
The startup offers two main modules: one for building audience segments and another for creating lookalike audiences. This allows banks to expand their target audiences by identifying similar users. Hyperplane's Mandelbrot LLM model specifically aids banks in predicting customer behaviors such as churn or primary banking preferences.
Hyperplane's impact is already noticeable. For instance, a neobank in Brazil saw a 46% increase in transaction volume in its credit limit division by using Hyperplane's services for clearer customer income estimation. With plans to scale across markets effortlessly, Hyperplane is on the verge of announcing its first U.S. partnerships, furthering its vision of transforming the banking sector with AI-driven personalization.