Instabase

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Instabase
TypePrivate
IndustrySoftware
Founded2015 (2015)
FounderAnant Bhardwaj
Headquarters
San Francisco, California
,
United States[1]
Number of locations
San Francisco, New York, London, and Bangalore
Area served
Worldwide
Websiteinstabase.com

Instabase is a technology company headquartered in San Francisco. The company provides an application platform that can be used to understand unstructured data and automate business processes.

History[]

Instabase was founded by Anant Bhardwaj, when he was a Ph.D. student at the Massachusetts Institute of Technology. In July 2015, he moved to San Francisco where the company is currently located. Instabase announced on August 31, 2015 that it raised $3.75 million from Greylock Partners and New Enterprise Associates.[2] On June 14, 2017, CNBC reported that Instabase raised a $23.2 million Series A led by Martin Casado of Andreessen Horowitz.[1] Instabase announced its Series B of $105 million on Oct 21, 2019, led by Index Ventures and joined by Spark Capital, Tribe Capital, SC Ventures and Glynn Capital, which valued the company at over $1 billion. In this announcement, for the first time Instabase publicly disclosed the details of what the company does and who are its customers.[3][4][5][6][7]

Software[]

Instabase brings the best-in-class innovation from the market and a suite of intelligent toolkits together to unlock the value of unstructured data and automate critical business processes. Organizations can use Instabase platform to digitize their documents, split and classify by type (i.e. bank statements, passports, payslips, etc.), extract information regardless of the structure (or lack thereof), and ultimately transform this information to be leveraged in business decisions. For example, a bank can quickly build an end-to-end solution that can automatically verify customer income in a fraction of a second by splitting up and classifying large packets of incoming documents, such as camera pictures or scans of paystubs, tax documents, bank statements, and other similar documents submitted by the customer, and extract, validate, and prioritize needed information from those documents. The platform comes equipped with the tools such as digitization via optical character recognition and data extraction and classification using deep learning. It is designed to enable any organization to quickly build complex business applications based on their needs.[3][4][5][8]

The platform also provides solution marketplace, a centralized distribution channel where users can discover and share business applications. Instabase provides pre-packaged business apps for different industries, such as Income Verification, Adverse Media Analysis, Identity Verification, Trade Finance, Contract Analysis, and Financial Spreading, so companies can get started quickly.[4][5]Users can also package custom solutions built on the platform and share them across their organizations.

The platform also provides a no-code interface for users to annotate data and create deep learning-based classification and extraction models for a given document; a visual development environment to build business applications using configurable solution blocks; a catalog for models to discover, manage, and run deep learning models at scale.

Acquisitions[]

On February 14, 2018, Instabase announced that it had acquired Cloudstitch, a web development platform that uses spreadsheets as the back-end.[9]

References[]

  1. ^ a b Novet, Jordan (June 14, 2017). "VC firm Andreessen Horowitz explains why it led a $23 million round in a social network for data". CNBC. Retrieved November 1, 2019.
  2. ^ Hay, Timothy (August 31, 2015). "Instabase Stockpiles $3.7M for Hiring". The Wall Street Journal. Retrieved September 8, 2015.
  3. ^ a b McBride, Sarah (October 21, 2019). "Instabase Achieves Unicorn Status and Finally Explains What It Does". Bloomberg. Retrieved October 21, 2019.
  4. ^ a b c Bhardwaj, Anant; Cannon, Sarah (October 21, 2019). "The Business Model Behind Silicon Valley's Newest Unicorn" (Online video of television program). Bloomberg Technology (Interview). Interviewed by Taylor Riggs. Bloomberg. Retrieved November 1, 2019. Instabase Inc. Chief Executive Officer Anant Bhardwaj and Index Ventures Partner Sarah Cannon discuss Instabase's business model and the tech IPO landscape with Bloomberg's Taylor Riggs on "Bloomberg Technology."
  5. ^ a b c "Instabase Hits Unicorn Status on $105 Million Raise". Cheddar (TV channel). October 21, 2019. Retrieved October 21, 2019.
  6. ^ "With Instabase, Anant Bhardwaj gives US a brand-new Unicorn". The Economic Times. October 21, 2019. Retrieved October 21, 2019.
  7. ^ Mathur, Priyamvada (October 21, 2019). "Instabase tops $1B valuation with app-building tool suite". PitchBook Data. Retrieved October 21, 2019.
  8. ^ "Instabase Raises $105M to Reimagine Business Applications From the Ground Up". October 21, 2019. Retrieved October 21, 2019.
  9. ^ "Instabase Acquires Cloudstitch". Retrieved December 4, 2020.

External links[]

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