Inscope Raises $14.5M for AI Financial Reporting
What happened
Inscope, an AI-powered financial reporting platform, has raised $14.5 million in a Series A funding round, bringing its total funding to $18.8 million. The round highlights investor interest in vertical SaaS companies that provide measurable automation and clear ROI for specific professional workflows, such as accounting and compliance.
Why it matters
- The Series A round was led by Norwest, with participation from Storm Ventures and existing investors Better Tomorrow Ventures and Lightspeed Venture Partners. - Inscope was founded in 2023 by co-founders Mary Antony (CEO) and Kelsey Gootnick (COO), both of whom are CPAs with experience as controllers in high-growth companies. - The company has demonstrated significant traction over the past year, increasing its customer base by over fivefold and growing its annual recurring revenue by more than 30 times. - Inscope's platform is designed for both enterprises and the accounting firms that audit them, with customers reporting up to 60% faster financial statement preparation cycles. - The company is already working with several Top 100 accounting firms and counts the top-15 firm CohnReznick among its clients. - Prior to this Series A, Inscope raised a $4.3 million seed round in 2023, which was led by Lightspeed Venture Partners. - The new capital is intended to expand the engineering and go-to-market teams and to enhance support for more complex reporting requirements for large organizations. - The AI in accounting market is projected to grow substantially, with one report estimating the market will reach $27 billion by 2032, up from $3.48 billion in 2023.
Key numbers
- Inscope, an AI-powered financial reporting platform, has raised $14.5 million in a Series A funding round, bringing its total funding to $18.8 million.
- Inscope was founded in 2023 by co-founders Mary Antony (CEO) and Kelsey Gootnick (COO), both of whom are CPAs with experience as controllers in high-growth companies.
- The company has demonstrated significant traction over the past year, increasing its customer base by over fivefold and growing its annual recurring revenue by more than 30 times.
- Inscope's platform is designed for both enterprises and the accounting firms that audit them, with customers reporting up to 60% faster financial statement preparation cycles.
What happens next
- The new capital is intended to expand the engineering and go-to-market teams and to enhance support for more complex reporting requirements for large organizations.
- The AI in accounting market is projected to grow substantially, with one report estimating the market will reach $27 billion by 2032, up from $3.48 billion in 2023.
Quick answers
What happened in Inscope Raises $14.5M for AI Financial Reporting?
Inscope, an AI-powered financial reporting platform, has raised $14.5 million in a Series A funding round, bringing its total funding to $18.8 million. The round highlights investor interest in vertical SaaS companies that provide measurable automation and clear ROI for specific professional workflows, such as accounting and compliance.
Why does Inscope Raises $14.5M for AI Financial Reporting matter?
The Series A round was led by Norwest, with participation from Storm Ventures and existing investors Better Tomorrow Ventures and Lightspeed Venture Partners. Inscope was founded in 2023 by co-founders Mary Antony (CEO) and Kelsey Gootnick (COO), both of whom are CPAs with experience as controllers in high-growth companies. The company has demonstrated significant traction over the past year, increasing its customer base by over fivefold and growing its annual recurring revenue by more than 30 times. Inscope's platform is designed for both enterprises and the accounting firms that audit them, with customers reporting up to 60% faster financial statement preparation cycles. The company is already working with several Top 100 accounting firms and counts the top-15 firm CohnReznick among its clients. Prior to this Series A, Inscope raised a $4.3 million seed round in 2023, which was led by Lightspeed Venture Partners. The new capital is intended to expand the engineering and go-to-market teams and to enhance support for more complex reporting requirements for large organizations. The AI in accounting market is projected to grow substantially, with one report estimating the market will reach $27 billion by 2032, up from $3.48 billion in 2023.
