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.
- 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.
