Instabase, a San Francisco, CA-based company which specializes in Applied AI for the enterprise, raised $45M in Series C funding.
The round, which doubled its valuation to $2B, was led by Tribe Capital, with participation from Andreessen Horowitz, New Enterprise Associates, Greylock Partners, Spark Capital, K5 Global, and Standard Chartered Ventures.
The company intends to use the funds to expand operations and its business reach.
Led by CEO Anant Bhardwaj, Instabase provides a platform combining language models such as GPT-4 and layout understanding that allows users to build custom solutions to understand any document quickly. Its AI Hub makes AI accessible and simple for users of all technical and non-technical backgrounds with zero to few-shot in-context learning, without the need of annotation and fine-tuning typically associated with the traditional deep learning systems.
Instabase AI Hub has three core components designed for use by anyone, from professionals to enterprises:
- AI Hub Converse: With Converse, users can chat and analyze any document set. From financial data to legal contracts, to university research papers, and more, users can quickly ask questions about the documents and get the information they need. With Converse, users can take complex and long contracts and summarize, translate, analyze information, and ask any questions in the language of their choice.
- AI Hub Build: With Build, users can build repeatable end-to-end workflows for similar kinds of documents. Users can build an application to automate workflows such as income and identity verification, client onboarding, passport, and license verification, invoice processing, receipt verification, etc.
- AI Hub Apps: AI Hub Apps is an app store for pre-built applications that can be used by anybody. Initially, the store is populated by several pre-built apps such as passport and driver-license verification, income verification with pay stubs, bank statements, and tax-forms, etc. In the future, third-party developers will be able to publish apps to this store, and share with the AI Hub community.
FinSMEs
08/06/2023