We are thrilled to be partnering with Instabase, alongside our friends at Index, Greylock, NEA, Andreesen Horowitz, and more.
While much has been written about the promise of automation in the enterprise, most solutions to-date have either been (i) constrictive (as the approach of using software to mimic human actions has limitations), or (ii) required significant custom development — taxing already-stretched IT organizations within large enterprises. In categories with low fault tolerances — like financial institutions — we believe that a more robust and extensible automation solution is required.
Instabase provides a platform for enterprises to rapidly design and deploy customizable apps for automating manual processes in their businesses. The Company provides a set of building blocks — including tools for reading documents, data extraction and classification, NLP, and OCR — along with a marketplace of pre-packaged applications for broadly-applicable use-cases, like income and identity verification. Many early applications built on the platform are centered around classifying documents (paystubs, tax documents, bank statements, e-mails, contracts, photos), extracting structured data relevant to the enterprise, and taking action / creating workflows. The platform sits atop an organization’s existing data sources and services and is designed so that both technical and semi-technical users can build and consume operational workflows at scale. Further, all of Instabase’s apps and workflows can be accessed via API, enabling seamless integrations with other services within an organization. We believe that this type of platform represents the future of automation in the enterprise.
While the vast majority of the team’s energy to-date has been focused on product (vs. go-to-market), early traction has been phenomenal. The Company is working with more than half of the top ten financial institutions in the US, as well as a number of global banks and emerging fintech leaders. And, the platform has driven significant ROI among clients to-date. For example, in November 2018, Standard Chartered Bank announced a partnership with Instabase to automate their client onboarding, credit documentation, and KYC processes. The applications built via this partnership reduced Standard Chartered’s average client onboarding time from 41 to 8 days within their Corporate & Institutional Banking business.
The Instabase platform is broadly applicable (both within and outside of financial services), and we believe the scope of the market opportunity ahead is staggering. Reimagining automation requires significant ambition, technical prowess, and execution — and we are convinced that Anant and the Instabase team are the right people to take on this challenge. We are excited to be partners on the journey.