Anant's Instabase Raise $105 Million In Series B Funding
Instabase officially launches and raises $105 million in series B financing to reimaging business apps from the ground up.
FREMONT, CA: The platform company for business applications, Instabase has raised $105 million in Series B funding. It is led by Index Ventures with participation from existing investors Greylock Partners, New Enterprise Associates (NEA), and Andreessen Horowitz. Additional investors include Spark Capital, Tribe Capital, SC Ventures, and Glynn Capital.
This round brings Instabase’s total funding to $132 million and values the company at over a billion USD. Instabase will utilize the funding to speed up recruiting and boost its core platform. Sarah Cannon, a Partner at Index Ventures, will join Instabase’s Board of Directors.
The primary vision of Instabase is to enable computers to work for people, and also empowering people to focus on the essential, productive parts of their jobs. The platform of Instabase allows businesses to build customizable apps for automating different parts of the company. For instance, a bank can quickly create an app that can automatically verify customer income in a fraction of a second by combing through documents like camera pictures or scans of pay stubs, tax documents, bank statements, and other similar documents submitted by the customer. The platform is consisting of different tools for reading documents, data extraction and classification, optical character recognition, and natural language processing. It enables creators, developers, and organizations to build complex business applications based on their needs quickly.
CEO and Founder of Instabase Anant Bharadwaj, says that nowadays we all have app stores on our smartphones where we can find several apps to have food delivered to our door. But why we don’t have an app store where large enterprises, for example, a bank can find an app for income verification or an insurance company can find an app for processing claims?
Anant Bharadwaj founded Instabase in 2015 when he was a Ph.D. student at MIT in the Computer Science and Artificial Intelligence Laboratory (CSAIL). Now the company is working with more than half of the top ten financial institutions in the U.S.
Check out: Top FinTech Solution Companies