Instabase Doubles Valuation to $2B and Launches AI Hub, A Generative AI Based Platform for Content Understanding
New Platform is Fueled by $45 Million Series C Funding Round
SAN FRANCISCO–(BUSINESS WIRE)–Instabase, a leader in Applied AI for the enterprise, today announced its Series C funding round and the launch of AI Hub, a repository of AI apps focused on content understanding and a set of generative AI-based tools. The $45M Series C funding round, which concluded at the end of 2022, doubled Instabase’s 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.
At the core of this development is the Instabase AI Hub platform, a self-service solution that democratizes access to content understanding capabilities. With one of the first apps in Instabase AI Hub, Converse, any individual can instantly have interactive conversations, get answers to questions, summarize and more from content such as documents, spreadsheets, and even images. From tax files to insurance claims, to receipts, invoices, customer data, and more – AI Hub enables anyone to chat with their content and receive answers as if speaking to a knowledgeable expert on the material.
Instabase AI Hub has three core components designed for use by anyone, from professionals to enterprises:
- AI Hub Converse: With Converse, users can seamlessly 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. For example, take the use case of identifying key terms and summarizing a contract. 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. For example, with Build 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.
Since its founding, Instabase’s platform has had a rich history of incorporating AI advances into its product. In 2020, Instabase invested heavily in transformer-based layout-aware language models, and made several base-models as part of its platform which customers could fine-tune for their specific tasks. The combination of large language models such as GPT-4 and layout understanding in Instabase’s platform allows users to build custom solutions to understand any document in a few minutes. Instabase 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.
OpenAl Chief Operating Officer Brad Lightcap commented: “Instabase’s AI Hub, built on GPT-4, is able to deliver extraordinary capabilities in comprehending documents and extracting valuable insights from an extensive amount of content. It’s exciting to see technologies like AI Hub leveraging the power of GPT-4 to transform how we interact with information.”
“We are living in a time when AI will be indispensable to any technology solution,” said Anant Bhardwaj, the founder and CEO of Instabase. “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.”
Availability:
- June 7, 2023
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About Instabase
Instabase provides a unified platform with artificial intelligence (AI) and workflow automation capabilities that allow organizations to solve their most pressing business challenges at scale. With an open ecosystem that combines AI breakthroughs from research labs and deep industry expertise, the Instabase platform helps institutions embed intelligence into any system or business process and drive transformational outcomes. Today, many of the world’s largest financial institutions, insurance companies, governments, and enterprises rely on Instabase to automate their mission-critical business processes end-to-end. The business is backed by leading investors, such as Greylock Partners, NEA, Andreessen Horowitz, Index Ventures, Spark Capital, Tribe Capital, K5, Original Capital, SC Ventures, and Glynn Capital.
Contacts
Nikita Jagadeesh
nikita@instabase.com
(415) 827 1737