Instabase, the innovative firm behind software aimed at processing unstructured data from a variety of document formats, has successfully raised a significant $100M in a Series D funding round.
The need for such technology is evident as companies worldwide grapple with burgeoning volumes of data, much of it “unstructured”— plain text within image files, PDFs or emails, which lacks predefined labels. Instabase’s products offer businesses the power to extract, classify and decipher data from any document, a tool that could simplify tasks like correspondence routing. It also provides the potential for generative AI applications on the said data, facilitating user-friendly query systems and insights from their extensive document repositories.
Launched in 2015, the San Francisco-based startup has since attracted industry giant clients, including Uber, Natwest, and AXA, amongst others. Instabase’s approach has been to harness more rules-based techniques for data extraction and processing. However, rapid advances in AI, including Natural Language Processing (NLP) and generative AI, have allowed the system to handle more complex data types.
Instabase’s funding history is well-documented, with $175M raised so far, including a $45M Series C round in 2023 that placed the company’s value at $2B. Instabase’s latest Series D round was spearheaded by Qatar’s sovereign wealth fund, Qatar Investment Authority (QIA), along with impressive contributions from existing investors.
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