AI Finance Platform Inscope Raises $14.5M
Inscope, an AI-powered financial reporting platform, has raised $14.5 million in a Series A funding round. The investment indicates continued venture capital interest in vertical-specific AI tools that automate complex workflows in regulated industries like finance.
- The Series A round was led by Norwest Venture Partners, with participation from Storm Ventures and existing investors Better Tomorrow Ventures and Lightspeed Venture Partners, bringing Inscope's total funding to $18.8 million. - Co-founders Mary Antony (CEO) and Kelsey Gootnick (COO) are both CPAs who previously worked as accountants and controllers at high-growth companies like Flexport, Miro, and Hopin, giving them firsthand experience with the problem they are solving. - The company has demonstrated significant traction over the past year, increasing its customer base by more than 5x and its annual recurring revenue by over 30x, with several Top 100 accounting firms now using the platform. - Inscope's AI platform automates the "last-mile" of financial reporting, focusing on tasks like arithmetic verification, formatting consistency, and flagging mismatches between tables and footnotes, which can reclaim up to 20% of an accountant's time. - The platform competes in the financial close automation market against incumbents like Workiva, BlackLine, and FloQast by focusing specifically on the final assembly of external reports and disclosures. - The investment reflects a larger venture capital trend of targeting vertical AI applications; financial services is a primary focus for VCs due to the industry's vast data and complex workflows. - According to a KPMG report, AI adoption in financial reporting is set to become nearly universal, with 99% of businesses expected to be using it within the next three years. - Inscope's platform integrates with ERP systems like Oracle Netsuite to automatically generate and refresh financial reports when accounting books are closed or updated.
