Combine all ingredients into a bowl or mixer until well mixed.
Butter a 7-inch Bundt pan, and pour batter in evenly. A 7-inch round pan may be used, but not a glass bowl.
Put 1 1/2 cups water into the Instant Pot, lower Bundt pan on rack into the pot. Cook on high pressure for 47 minutes with a 15 minute natural pressure release. If using a 7-inch round pan increase high pressure time to 60 minutes.
Remove to a wire rack to cool for 15-minutes then remove from pan.
Serve immediately, or store in an airtight container for up to one week.