US tech firm Instabase raises $105 mn in Series B

InstabaseSan Francisco-based technology firm Instabase, has nabbed $105 million in Series B funding led by Index Ventures along with existing investors Greylock Partners, New Enterprise Associates (NEA), and Andreessen Horowitz.

The round also saw participation from other investors including Spark Capital, Tribe Capital, SC Ventures, and Glynn Capital. As a part of the deal, Sarah Cannon, partner at Index Ventures, will join Instabase’s Board of Directors, according to a statement.

The latest funding has raised Instabase’s total funding to $132 million, taking its valuation to over $1 billion. The company plans to use the new capital to increase the workforce and scale its core platform.

Instabase’s platform enables businesses to build customizable apps for automating different parts of their business. The platform is equipped with 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.

Instabase also offers an app store loaded with various business apps for different industries, such as income verification, adverse media analysis, identity verification, trade finance, contract analysis, and financial spreading.

In November 2018, Standard Chartered Bank partnered with Instabase to automate its client onboarding, credit documentation, and KYC processes, which helped them reduce the average client onboarding time from 41 to 8 days.

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