Instabase raises $100 million to help companies process unstructured document data

Instabasea company that creates software for extracting unstructured data processing from a myriad of document types, has raised $100 million in a series D of financing.

The announcement comes as companies struggle under a deluge of data – data that can unlock key business insights. Indeed, most of the data that companies generate is “unstructured”, that is, they do not have any predefined labeling – this could be plain text contained in PDFs, image files or emails.

By deploying Instabase, companies can extract, classify and analyze data from any document – ​​this could be to help redirect correspondence to the right department, for example. They can also apply generative AI to this data, allowing anyone to ask questions or request summaries or insights from their vast stores of documents.

The San Francisco-based startup has amassed a number of high-profile clients since its inception in 2015, including Uber, Natwest, AXA, the United States Patent and Trademark Office (USPTO), and “four of the America’s five largest banks”.

Historically, Instabase was one of many Document processing automation companies that used more rules-based techniques to extract and process data. With the advent of the modern era of AI, including natural language processing (NLP) and generative AI, such systems are capable of handling much more complex data types.

“As we move forward through the age of AI, companies cannot realize their AI capabilities without first leveraging and learning from the unstructured data that lives in every organization,” the founder and CEO of Instabase. Anant Bhardwaj (pictured above) said in a statement.

Before now, Instabase had raised about $175 million in funding, including a $45 million Series C in 2023values ​​the startup at $2 billion.

The company’s D series was led by Qatar’s sovereign wealth fundthe Qatar Investment Authority (QIA), with participation from major existing investors including Andreessen Horowitz, Greylock Partners, Index Ventures and NEA. The company did not disclose a new rating.