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

Instagramthere is a company that creates software for extracting unstructured data from countless document types It raised $100 million in a Series D round of funding.

The announcement comes as companies struggling under the deluge of information — data that can unlock key business insights. Indeed, most of the data that companies create is “unstructured,” meaning it has no predefined tagging—it could be plain text in PDFs, image files, or emails.

By deploying Instabase, businesses can extract, categorize and analyze data from any document – ​​for example, to help route correspondence to the right department. They can also apply generative artificial intelligence to this data, allowing anyone to ask questions or request summaries or insights from their extensive document stores.

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

Historically it was Instabase one of many document processing automation companies that use more rules-based techniques to extract and process data. With the advent of modern artificial intelligence, including natural language processing (NLP) and generative artificial intelligence, such systems can handle more complex types of data.

Founder and CEO of Instabase: “As we move into the era of artificial intelligence, companies cannot realize their AI capabilities without tapping into and learning from the unstructured data that exists in every organization” Anant Bhardwaj (pictured above) said in a statement.

Until now, Instabase, a $45 million in Series C round in 2023valuing the startup at $2 billion.

Led the company’s Series D round Qatar’s sovereign wealth fundQatar Investment Authority (QIA), with participation from big-name existing investors including Andreessen Horowitz, Greylock Partners, Index Ventures and NEA. The company did not release a new estimate.