InScope Raises $14.5M Series A to Revolutionize AI-Powered Financial Reporting
InScope, an artificial intelligence (AI)-powered financial reporting platform, has secured $14.5 million in a Series A funding round, bringing its total funding to $18.8 million. The new capital will fuel the company’s expansion and enhance its platform’s capabilities, addressing a critical necessitate for automation and accuracy in financial reporting.
Addressing the Pain Points in Financial Reporting
Traditional financial reporting processes are often plagued by manual tasks, disconnected spreadsheets, and email-driven reviews, leading to rework, version control issues, and increased audit risk. InScope aims to eliminate these inefficiencies by providing a centralized, AI-driven platform for drafting, rolling forward, reviewing, and validating financial statements. The platform maintains full audit trails and change control, ensuring transparency and accountability.
AI-Driven Automation for Enterprises and Accounting Firms
InScope’s platform is designed for both enterprises and the accounting firms that audit their financial statements. By automating key processes, it streamlines collaboration, reduces handoffs, and improves consistency, ultimately minimizing the risk of misstatements. The platform supports complex reporting requirements and is designed to scale with growing businesses.
Recent Funding and Growth
This Series A round follows a $4.3 million seed round announced in June 2024, led by Lightspeed Venture Partners. The company has experienced significant growth over the past year, increasing its customer base by five times and its annual recurring revenue by over 30 times. The Series A round was led by Norway.
Industry Recognition and the Rise of Gen AI in Finance
The demand for AI-powered financial reporting solutions is underscored by a recent PYMNTS Intelligence report, “What Happens When CFOs Get Serious About Gen AI.” The report found that financial reporting is the most important finance function where CFOs are embedding generative AI, with nearly 87% considering it important.
Statements from InScope Leadership
“InScope provides the infrastructure teams need to produce high-quality, auditable financial statements at scale,” said Mary Antony, InScope Co-founder and CEO. Kelsey Gootnick, Inscope Co-founder and Chief Operating Officer, added, “InScope replaces brittle, manual handoffs with a system that supports real-world review cycles and last-minute changes without breaking.”
Looking Ahead
As companies increasingly prioritize accuracy, efficiency, and real-time visibility in their financial reporting processes, InScope is poised to become a leading provider of AI-powered solutions. The company’s continued investment in its platform and team will drive further innovation and solidify its position in the rapidly evolving fintech landscape.