Data management startup Instabase Inc. today announced that it has raised $100 million in funding to support its product development efforts.
The Qatar Investment Authority led the Series D round. Returning investors Greylock Partners, NEA, Andreessen Horowitz and Index Ventures participated as well. Bloomberg reported that the investment values Instabase at $1.24 billion, below the $2 billion it was worth following its previous funding round in 2023.
San Francisco-based Instabase provides a platform for processing unstructured data, or data that can’t be easily organized into rows and columns. The platform extracts such information from business files, standardizes it and makes it available for other applications. Automating the process saves time for workers while reducing the risk of data entry errors.
Instabase can ingest data from PDFs, multimedia files such as slides, scanned copies of handwritten notes and a range of other records. If a record contains multiple documents, Instabase splits them to ease processing. The platform supports more than 160 languages and documents up to thousands of pages in length.
Users can specify which data points they wish to extract from a file using natural language prompts. A worker could, for example, instruct Instabase to save the product prices listed in a recipient. The platform is also capable of modifying the extracted data if necessary, such as by rounding prices to the nearest whole number.
Instagram scans a file for errors before extracting its contents. The platform can double-check accounting spreadsheets to identify calculations that may have been completed incorrectly, as well as spot other types of mistakes. There’s also a tool that enables workers to manually validate data points by comparing them against the source document.
After ingesting a set of records, Instabase can automatically organize them in a format specified by the user. The platform then makes the data available to other systems via an application programming interface.
Alongside its core data extraction features, Instabase provides a chatbot that allows workers to interact with business records using prompts. A user could ask the chatbot to sift through a company’s earnings reports and calculate its compound annual growth rate over the past five years. Instabase displays a step-by-step explanation of how it carries out calculations to help users validate the results.
Customers with more advanced requirements can build their own chatbots. A retailer, for example, could develop a chatbot that answers common product inquiries based on information in its knowledge base.
“As we progress through the AI age, companies cannot realize their AI capabilities without first harnessing and learning from the unstructured data that lives within every organization,” said Instabase founder and Chief Executive Officer Anant Bhardwaj.
The company will use the proceeds from its latest funding round to enhance its data extraction, analysis and search features.
Image: Instabase
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