With the $45 million Series C funding round, which concluded at the end of 2022, Instabase is now valued at $2 billion. In addition, Instabase has launched AI Hub, its repository of AI apps focused on content understanding and a set of generative AI-based tools.
Instabase, an applied AI platform including Intelligent Document Processing (IDP), announced June 7 that it has raised $45 million in a Series C funding round and also launched AI Hub, a repository of AI apps that democratizes access to content understanding capabilities. The latest funding round was led by Tribe Capital, with participation from Andreessen Horowitz, New Enterprise Associates, Greylock Partners, Spark Capital, K5 Global, and Standard Chartered Ventures.
This latest funding round doubled Instabase’s valuation to $2 billion, after it previously raised $105 million in its 2019 Series B funding round.
Anant Bhardwaj, Founder and CEO of Instabase, commented: “We are living in a time when AI will be indispensable to any technology solution. Investing our Series C into building AI Hub is a natural extension of the innovation that has always been core to Instabase. We’re excited that with these new advancements, users around the world can now leverage this technology for nearly any use case.”
With the launch of Instabase AI Hub, the company offers a self-service solution that democratizes access to content understanding capabilities. The new hub consists of three main components: AI Hub Converse, AI Hub Build and AI Hub Apps. With AI Hub Converse users can have interactive conversations, get answers to questions and summarize from content such as documents, spreadsheets, and images. With AI Hub Build users can build repeatable end-to-end workflows for similar types of documents. For example, users can build an app to automate workflows like income and identity verification. Last but not least, AI Hub Apps is an app store for pre-built applications. Currently, the store is populated with several pre-built apps such as passport and driver-license verification, income verification, and more.
Bastiaan de Goei, Insurance Industry Leader at Instabase, said: “Incredibly exciting news! A new round, a new website, and a new product launch! The teams have been so hard at work on this over the past months. Instabase AI Hub is our major new product release incorporating LLMs and further lowering the threshold to accessing and leveraging powerful AI in anyone’s workflows.”
Last October, Instabase was named one of the 100 most innovative companies in the insurance industry in FinTech’s Global InsurTech100 Report.
Headquartered in San Francisco, Instabase provides a unified platform with AI, including Intelligent Document Processing (IDP) functionalities that understands and analyzes unstructured data, and workflow automation capabilities that allow organizations to solve their most pressing business challenges at scale.
You can find the full press release here.
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