Startup Of The Week: Instabase
U.S. scale-up Instabase helps corporates in financial services, insurance, health and automotive, transform unstructured data into structured data so that processes, such as client onboarding and mortgage processing, can be automated end-to-end. The U.S. company’s clients include the banks NatWest and Standard Chartered, insurance company AXA and Sonic Automotive, a Fortune 500 Company and one of the U.S.’s largest automotive retailers
“Our mission is to help companies to unlock unstructured data in order to automate more of their critical business processes, further their digital transformation and free up their employees to focus on more value-added activities and customer engagement — the things that really matter,” says Aditi Subbarao, Instabase’s Industry Lead Financial Services and a scheduled speaker at the AI For Finance European Summit in Paris September 20.
Subbarao is planning to deliver a keynote speech about achieving end -to-end automation with deep learning at the conference.
Studies show that 80% of data inside companies is unstructured, making it hard to automate many key functions, she says. Traditional machine learning models can be trained to read templates of complex documents, but it is slow and costly. In late 2021 rapid advances in the field of deep learning “have taken the capacity of machine learning and super charged it so that machines and tech can be used to understand documents like a human being, “ Subbarao says.
Instabase’s platform comes with pre-trained modular building blocks to solve most business problems, she says. A company’s data scientists or developers can build their own modules or add in any kind of nuance. Instabase’s deep learning technology has eliminated much of the complexity, she says. What’s more business and operational users — the people who best understand the context — can tap directly into sophisticated deep learning models and train, run, and make use of these models for their business’s needs using drag-and-drop visual development interfaces.
Competitors include in-house solutions. “Many of our customer conversations involve build versus buy,” says Subbarao. Startups offering point solutions also compete with Instabase. “There are hundreds of ID verification tools and loan origination software providers who say they do document understanding but if you look them, they only cover a single point of the overall problem,” she says. A third category of competitors are intelligent automation software companies such as Kofax and Abbyy.
Instabase, which was founded in 2015 and has raised over $132 million, is planning further fundraising. The company says it is growing more than 100% per year and is actively expanding its geographical reach. It is already present in North America, Europe, and Asia.
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