Instabase, the enterprise sector leader in Applied AI, today revealed the successful completion of its Series C funding round and the inauguration of its AI Hub. The firm specialises in crafting advanced AI applications and generative AI tools tailored for modern businesses.
The enterprise raised a substantial $45m in its recent Series C round which concluded at the tail end of 2022. This funding event saw Instabase’s valuation surge to a staggering $2bn. Tribe Capital helmed the investment, with significant contributions from Andreessen Horowitz, New Enterprise Associates, Greylock Partners, Spark Capital, K5 Global, and Standard Chartered Ventures.
Instabase’s primary innovation is the AI Hub platform, an exclusive, user-friendly solution that brings content understanding abilities within reach of the general public. The platform’s first application, Converse, allows individuals to hold interactive discussions, fetch answers to queries, summarise and extract more from a wide array of content, ranging from documents and spreadsheets to images. The AI Hub’s capabilities are diverse, addressing a variety of areas from insurance claims and tax files to invoices and customer data.
Instabase intends to leverage the newly acquired funding to enrich and expand the AI Hub’s offerings. The platform consists of three core components: AI Hub Converse, AI Hub Build, and AI Hub Apps. Each of these is designed to suit the needs of various users, from professionals to large enterprises.
Anant Bhardwaj, the founder and CEO of Instabase, voiced his excitement at the prospect of applying AI in virtually any technological solution, saying: “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.”
The company has previously poured substantial investment into transformer-based layout-aware language models in 2020. Instabase has a solid history of integrating AI advancements into its product. The firm’s platform combines GPT-4 and layout understanding, allowing users to craft bespoke solutions for understanding any document swiftly.
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