Instabase, a San Francisco, CA-based platform for business applications, raised $105m in Series B funding.
The round, which brings total funding to $132m and values the company at over $1 billion, was led by Index Ventures with participation from existing investors Greylock Partners, New Enterprise Associates (NEA), and Andreessen Horowitz and new investors Spark Capital, Tribe Capital, SC Ventures, and Glynn Capital. In conjunction with the funding, Sarah Cannon, a Partner at Index Ventures, will join Instabase’s Board of Directors.
The company will use the funds to accelerate recruiting and scale its core platform.
Founded in 2015 by Anant Bhardwaj, Instabase provides a platform that enables businesses to build customizable apps for automating different parts of their business via tools for reading documents, data extraction and classification, natural language processing, and optical character recognition.
The company also offers an app store, a marketplace of pre-packaged business apps for different industries, such as Income Verification, Adverse Media Analysis, Identity Verification, Trade Finance, Contract Analysis, and Financial Spreading.
Instabase is working with more than half of the top ten financial institutions in the U.S., as well as many global banks.