Instabase, a business application development platform,;raised $45M;in a funding round led by Tribe Capital, doubling its valuation to $2B.
The startup;is incorporating;OpenAI's large language models into its platform, allowing users to create AI-powered apps without needing to build specific models.
About the company:
- Instabase launched;AI Hub, a repository of AI applications and generative AI-based tools.
- The company offers a platform for building enterprise apps and analyzing unstructured data using AI.
- Its tools enable content understanding, document processing, and workflow automation for tasks like receipt processing and income verification.
Funding:
- CEO Anant Bhardwaj aims for profitability over growth and expects revenue this year of over $50M.
- Other investors in the round included NEA, Andreessen Horowitz, and Spark Capital.
- Instabase previously raised $105Mn in a 2019 Series B round, which valued the company at over $1B at the time. It's raised $177M to date.