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Applied AI platform InstaBase today announced the launch of AI hubs, a comprehensive repository of AI applications focused on content understanding. Powered by generative AI, the company aims to provide self-service solutions within the AI Hub, enabling users with diverse backgrounds to harness the potential of powerful AI-driven insights.
According to the company, AI Hub will unlock opportunities for people to engage with their content, ranging from tax files, insurance claims, receipts, invoices and customer data by receiving expert-level answers.
Additionally, the company announced the successful completion of its Series C funding round, raising a whopping $45 million. The company said the new funding, announced in late 2022, has pushed Instabase’s valuation to a whopping $2 billion. Tribe Capital led the investment, with participation from renowned firms such as Andreessen Horowitz, New Enterprise Associates, Greylock Partners, Spark Capital, K5 Global and Standard Chartered Ventures.
“With the latest funding round, we will increase our investments to bridge the gap between the hype around Generative AI and help organizations (small and large) apply it to real business problems in content understanding. The launch of the AI Hub product is the first result of that investment,” Anant Bhardwaj, CEO and founder of Instabase, told VentureBeat.
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One of the initial apps featured in Instabase AI Hub is Converse, a next-generation tool that facilitates interactive conversations, provides answers to questions, and summarizes information from various content types, including documents, spreadsheets, and images.
“AI Hub Converse allows you to create a conversation with your content to extract insights, analyse, summarize, translate, reason or generate new content. We’ve worked hard to ensure that several real-world features are available, such as long documents (no limitation on document length), multiple long documents (ability to converse with a large corpus of documents), and eliminating hallucinations by validating that answers are anchored to your original content,” Bhardwaj told VentureBeat.
In addition to the Converse launch, the company will introduce two more offerings: AI Hub Builds and AI Hub Apps.
AI Hub Build is a tool designed to facilitate the creation of repeatable end-to-end workflows for documents of a similar nature.
AI Hub Apps will feature an app store that includes various pre-built apps. These include passport and driver’s license verification, income verification through payroll, bank statements and tax forms. Users can use these apps to simplify and improve document-related tasks.
Deliver intriguing content insights through Generative AI
Instabase’s Bhardwaj believes that while LLMs excel at answering general knowledge questions, they haven’t effectively addressed questions related to specific content corpora, such as documents, spreadsheets, or other unstructured data.
Bhardwaj said the company has identified the potential of combining unstructured data with LLM to deliver value. Therefore, Instabase has incorporated OpenAI’s GPT templates into its proprietary software, allowing users to request information on any document, spreadsheet, or image without the need for annotations or refinements to achieve human-level performance.
In addition, the company has worked closely with OpenAI to ensure that its customers can use OpenAI’s large language models (LLMs) while maintaining the highest standards of privacy and security essential for professionals operating in the world’s most regulated industries. .
“Instabase uses its innovation and expertise in document understanding to create a digital representation of various content, ranging from handwritten notes to spreadsheets. This approach gives GPT templates a new understanding of structure, style and meaning,” Bhardwaj explained. “The templates greatly enhance the platform’s capabilities in understanding documents and substantially reduce the time needed to develop automated workflow solutions what used to take weeks can now be done in minutes.”
Bhardwaj pointed out that the platform’s user-friendly interface, coupled with the capabilities of GPT templates, allows people without technical skills to handle a wide range of use cases. This advancement allows companies to address scenarios previously unattainable due to resource constraints.
He said the streamlined process not only makes it more affordable but also reduces the initial investment required.
According to the company, users can process documents automatically through the default apps available in AI Hub. For example, they can take an existing lease and generate an amendment that extends the lease by two years, making it easier to create content.
“AI Hub simplifies the end-to-end process for large enterprises, such as banks that process numerous mortgage applications daily. With AI Hub, you can use Converse to quickly retrieve critical information from each application across digital and handwritten parts of the application, leverage Build to create a repeatable workflow to automate the extraction of these fields, and integrate them with systems at downstream and publish the app to the AI hub for wider use across the organization,” Bhardwaj explained.
What’s next for Instabase?
Bhardwaj emphasized that the new AI Hub allows users to effortlessly leverage the capabilities of AI, eliminating the need for extensive annotations and model training.
He believes the platform could revolutionize how we interact with information, encompassing a wide range of content types such as handwritten notes, PDFs, spreadsheets and even code.
“The opportunities are endless, from discovery, understanding to creation. As we move forward in our roadmap, we are excited to see the same transformation happening in other modalities, including audio, video and more,” he said. “Eventually, AI Hub will become a community where anyone can build and deploy applications based on artificial intelligence”.
He said the company is actively investing in developer tools and product partnerships to enable third-party developers to build, host and run AI apps on Instabase AI Hub.
“In the near future, third-party developers will be able to publish apps, share them with the AI Hub community, and monetize these apps on AI Hub,” Bhardwaj added. “This would allow AI Hub users to discover and use these AI apps, built by Instabase and a community of third-party developers, across various use cases.”
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