Instabase Secures $45M Investment for Streamlining Document Processing Automation

Instabase, a platform that utilises AI to understand unstructured data, secured $45m in a series C funding round led by Tribe Capital, with participation from Spark Capital, New Enterprise Associates and Andreessen Horowitz. The latest investment has boosted Instabase’s valuation to $2bn, doubling it from its previous figure, prompting the firm to increase investment in generative AI. The platform can be used by enterprises to build and deploy apps and handle document and data processing, such as analysing academic papers, legal documents and financial data. It can be used to develop solutions for automating processes, such as identifying income, verifying passport or driving licences, and receipt and invoice processing. Instantiate is based in San Francisco and competes with Google, Amazon Web Services and Microsoft Azure, all of which offer AI-powered automated document processing and workflow tools. Four of the top five banks in the US are among the company’s users, according to founder Anant Bhardwaj.