InScope, an AI-powered financial reporting platform, has secured $14.5 million in Series A funding led by Norwest, with participation from Storm Ventures, and existing backers Better Tomorrow Ventures and Lightspeed Venture Partners.
The startup, founded by longtime accountants Mary Antony and Kelsey Gootnick, aims to automate the complex and tedious process of preparing financial statements. InScope's platform helps companies and accounting firms automate manual busy work, such as verifying math and formatting.
Over the last 12 months, InScope has grown its customer base by 5x, attracting significant accounting firms such as CohnReznick. The platform's automation capabilities can save accountants up to 20% of their time, according to Antony, InScope's CEO.
The Funding Round
Norwest partner Sean Jacobsohn invested in InScope after hearing from multiple clients that the startup's product saves them a lot of time. Jacobsohn believes InScope stands out due to its founders' specific expertise in financial reporting technology.
Antony and Gootnick met seven years ago at Flexport and stayed in touch after moving to other companies, including Miro and Hopin. They developed their entrepreneurial instincts through years of operating within fast-paced startup cultures.
Product Details
InScope isn't fully automating the generation of income statements and balance sheets yet, but it automates a vast amount of manual work. The platform's ultimate goal is to fully automate financial statement preparation, although this may take time due to the risk-averse nature of the accounting profession.
Market Context
Legacy platforms like Workiva and Donnelley Financial Solutions aim to streamline financial reporting, but InScope's founders found themselves exhausted by manual hurdles within these tools. InScope's AI-powered platform is poised to disrupt the financial reporting industry with its automation capabilities and expertise in financial reporting technology.
