Instabase, Founded by Pune University Alumni Anant Bhardwaj Doubles Valuation to $2B and Unveils AI Hub
A Revolutionary Generative AI Platform for Content Understanding, Raises $45 million Series C
Pune (Voice News Service): Instabase, a U.S. based tech company, and a global leader in Applied AI for the enterprise, announced a $45 million Series C funding round at $2B valuation and the launch of AI Hub, an innovative repository of AI applications focused on content understanding and a suite of generative AI-based tools.
This latest funding round, led by Tribe Capital, with participation from Andreessen Horowitz, New Enterprise Associates, Greylock Partners, Spark Capital, K5 Global, J.P. Morgan, and Standard Chartered Ventures, has doubled Instabase’s valuation to a remarkable $2 billion.
Anant Bhardwaj, the founder of Instabase, is an Indian computer scientist, software engineer, and Internet entrepreneur. Born in Nalanda, Bihar and currently settled in Pune, Bhardwaj established Instabase in 2015 and currently serves as its CEO. After completing his undergraduate degree in Computer Engineering at the University of Pune, he pursued a Masters in Computer Science at Stanford University and went on to join the prestigious Massachusetts Institute of Technology for his Ph.D. studies, where he was co-advised by Sam Madden and David Karger. In 2015, Bhardwaj made the bold decision to drop out of the Ph.D. program and embark on his journey to found Instabase, where he is also the CEO.
Speaking to journalists in Pune, Bhardwaj said, “Instabase AI Hub platform is a suite of self-service generative AI solutions that democratize access to content understanding. With the introduction of the flagship app AI Hub Converse, individuals can engage in interactive conversations, obtain answers to queries, summarize content, and more, all from diverse sources such as documents, spreadsheets, and images. From tax files to insurance claims, receipts, invoices, and customer data, the AI Hub Converse empowers users to engage with their content and receive responses as if interacting with an expert in the field.”
Instabase AI Hub comprises three core components designed for seamless utilization by professionals and enterprises alike:
● AI Hub Converse: Converse enables users to chat and analyze any document set effortlessly. Whether it’s financial data, legal contracts, or university research papers, users can pose questions and extract valuable information in their preferred language. For example, users can quickly identify key terms and summarize lengthy contracts with ease.
● AI Hub Build: Build allows users to create repeatable end-to-end workflows for similar types of documents. Whether it’s income and identity verification, client onboarding, passport and license verification, or invoice processing and receipt verification, Build empowers users to automate their workflows effectively.
● AI Hub Apps: AI Hub Apps is an app store for pre-built applications that cater to a wide range of user needs. Initially, the store features several pre-built apps for tasks such as passport and driver’s license verification, income verification using pay stubs, bank statements, and tax forms. In the future, third-party developers will have the opportunity to publish their own apps to the store and share them with the AI Hub community.
Since its inception, Instabase has consistently incorporated cutting-edge AI advancements into its platform. In 2020, the company heavily invested in transformer-based layout-aware language models and made several base foundation models available for customers to fine-tune according to their specific requirements. By leveraging large language models like GPT-4 and incorporating layout understanding, Instabase’s platform allows users to create custom solutions for document understanding in a matter of minutes. Instabase AI Hub democratizes AI by making it accessible and user-friendly for individuals with both technical and non-technical backgrounds.
