Step 1

In large bowl, toss beef with salt and pepper.

Step 2

Spray 6-quart Instant Pot™ insert with cooking spray. Select SAUTE; adjust to normal. Add oil to insert. Add beef in 2 batches; cook 2 to 4 minutes on first side until browned. Turn, and cook 2 to 4 minutes longer on second side or until browned; transfer to medium bowl. Add onions, mushrooms and bacon to insert; cook 4 to 5 minutes, stirring occasionally, until onions start to soften. Bacon may not be fully cooked. Select CANCEL.

Step 3

Add broth, wine, tomato paste and beef to insert. Add carrots and celery on top of beef. Secure lid; set pressure valve to SEALING. Select MANUAL; cook on high pressure 45 minutes. Select CANCEL. Set pressure valve to VENTING to quick-release pressure.

Step 4

In small bowl, beat water and cornstarch with whisk. Select SAUTE; adjust to normal. Heat liquid to simmering. Gently stir in cornstarch mixture; cook 30 to 60 seconds, stirring frequently, until thickened. Select CANCEL.