San Francisco-based developer platform company Instabase has secured $105 million in Series B funding, according to company database Crunchbase, topping the city’s recent funding headlines. The cash infusion was announced on Oct. 21 and led by Index Ventures.
According to its Crunchbase profile, "Instabase is a platform for businesses to build customizable apps for automating different parts of their business. For example, a bank can quickly build an app that can automatically verify customer income in a fraction of a second by combing through documents such as camera pictures or scans of paystubs, tax documents, bank statements and other similar documents submitted by the customer. The platform comes equipped with the tools for reading documents, data extraction and classification, natural language processing, and optical character recognition. It is designed to enable creators, developers and organizations to quickly build complex business applications based on their needs."
The four-year-old startup has raised three previous funding rounds, including a $23 million Series A round in 2017.
The round brings total funding raised by San Francisco companies in information technology over the past month to $852 million, an increase of $68 million from the month before. The local information technology industry has seen 339 funding rounds over the past year, raking in a total of $6.1 billion in venture funding.
In other local funding news, health diagnostics company Viz announced a $50 million Series B funding round on Oct. 23, led by Greenoaks Capital.
According to Crunchbase, "Viz helps physicians to identify anomalies in brain scans through machine learning. The company leverages advanced deep learning to communicate time-sensitive information about stroke patients straight to a specialist who can intervene and treat. It uses deep learning algorithms to identify a suspected large vessel occlusion, a particularly disabling type of stroke, in a CT scan and alerts the stroke team specialist within minutes."
Founded in 2016, the company has raised four previous rounds, including a $21 million Series A round in 2018.
Meanwhile, network security company Corelight raised $50 million in Series C funding, announced on Oct. 17.
From the company's Crunchbase profile, "Corelight offers network traffic analysis solutions for cybersecurity. It helps security professionals to understand network traffic and to detect and stop cyberattacks. Its solution was built on Bro, a widely-used open-source framework that provides a real-time understanding of network traffic."
Corelight last raised $25 million in Series B funding in 2018.
Also of note, compliance company Very Good Security raised $35 million in Series B funding, announced on Oct. 24 and led by Goldman Sachs.
From Crunchbase: "VGS is a data security platform that enables allows users to collect, protect and exchange sensitive data. Its SaaS solution provides users all the benefits of interacting with sensitive and regulated data without the liability of securing it."
The company previously raised $8.5 million in Series A funding in 2018.
Rounding out the city's recent top local funding events, energy management company Sunfolding raised $32 million in Series B funding, announced on Oct. 23.
From Crunchbase: "Sunfolding was founded in 2012 with headquarters in San Francisco, California. Sunfolding designs, manufactures and sells a balance of system products that provide cost and performance breakthroughs to stakeholders across the solar sector."
The company previously raised funding in 2018.
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