Instabase

Instabase is a technology company headquartered in San Francisco. The company provides a broad technology platform, and an app store for businesses applications.

Instabase
TypePrivate
IndustrySoftware
Founded2015 (2015)
FounderAnant Bhardwaj
Headquarters
San Francisco, California
,
United States[1]
Number of locations
San Francisco, New York, Boston, and Bangalore
Area served
Worldwide
Websiteabout.instabase.com

History

Instabase was founded by Anant Bhardwaj, when he was a Ph.D. student at the Massachusetts Institute of Technology. In July 2015, he moved to San Francisco where the company is currently located. Instabase announced on August 31, 2015 that it raised $3.75 million from Greylock Partners and New Enterprise Associates.[2] On June 14, 2017, CNBC reported that Instabase raised a $23.2 million Series A led by Martin Casado of Andreessen Horowitz.[1] Instabase announced its Series B of $105 million on Oct 21, 2019, led by Index Ventures and joined by Spark Capital, Tribe Capital, SC Ventures and Glynn Capital, which valued the company at over $1 billion. In this announcement, for the first time Instabase publicly disclosed the details of what the company does and who are its customers.[3][4][5][6][7][8]

Software

Instabase is a platform for businesses to build customizable apps for automating different parts of their business. For example, a bank can quickly build an app that can automatically verify customer income in a fraction of a second by combing through documents such as camera pictures or scans of paystubs, tax documents, bank statements, and other similar documents submitted by the customer. The platform comes equipped with the tools for reading documents, data extraction and classification, natural language processing, and optical character recognition. It is designed to enable creators, developers, and organizations to quickly build complex business applications based on their needs.[3][4][5][9]

Instabase also offers an app store, a growing 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.[4][5][8]

The platform also provides a variety of applications for machine learning, and data science including IPython-style notebooks which is widely used by universities for teaching classes.[10] The Stanford University Dean of Engineering, Jennifer Widom used Instabase Notebooks for her 2016-17 Instructional Odyssey, a year-long sabbatical in which she traveled the world offering free short courses in data and design.[11]

Acquisitions

On February 14, 2018, Instabase announced that it had acquired Cloudstitch, a web development platform that uses spreadsheets as the back-end.[12][13]

References
  1. Novet, Jordan (June 14, 2017). "VC firm Andreessen Horowitz explains why it led a $23 million round in a social network for data". CNBC. Retrieved November 1, 2019.
  2. Hay, Timothy (August 31, 2015). "Instabase Stockpiles $3.7M for Hiring". The Wall Street Journal. Retrieved September 8, 2015.
  3. McBride, Sarah (October 21, 2019). "Instabase Achieves Unicorn Status and Finally Explains What It Does". Bloomberg. Retrieved October 21, 2019.
  4. Bhardwaj, Anant; Cannon, Sarah (October 21, 2019). "The Business Model Behind Silicon Valley's Newest Unicorn" (Online video of television program). Bloomberg Technology (Interview). Interviewed by Taylor Riggs. Bloomberg. Retrieved November 1, 2019. Instabase Inc. Chief Executive Officer Anant Bhardwaj and Index Ventures Partner Sarah Cannon discuss Instabase's business model and the tech IPO landscape with Bloomberg's Taylor Riggs on "Bloomberg Technology."
  5. "Instabase Hits Unicorn Status on $105 Million Raise". Cheddar (TV channel). October 21, 2019. Retrieved October 21, 2019.
  6. "With Instabase, Anant Bhardwaj gives US a brand-new Unicorn". The Economic Times. October 21, 2019. Retrieved October 21, 2019.
  7. Mathur, Priyamvada (October 21, 2019). "Instabase tops $1B valuation with app-building tool suite". PitchBook Data. Retrieved October 21, 2019.
  8. Mary Ann, Azevedo (October 21, 2019). "Instabase Raises Massive $105M Series B, Reaches Unicorn Status". Crunchbase. Retrieved October 21, 2019.
  9. "Instabase Raises $105M to Reimagine Business Applications From the Ground Up". October 21, 2019. Retrieved October 21, 2019.
  10. "Introduction to Databases". Retrieved February 2, 2017.
  11. "Professor Widom's Instructional Odyssey". Retrieved February 2, 2017.
  12. "Instabase Acquires Cloudstitch". Retrieved December 4, 2020.
  13. "Cloudstitch acquired by Instabase". Retrieved December 4, 2020.
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