InScope, an innovative AI-powered platform, has secured $14.5 million in Series A funding to streamline financial statement preparation for companies and accounting firms.
Led by Norwest, the round also includes participation from Storm Ventures, Better Tomorrow Ventures, and Lightspeed Venture Partners.
Founders' Expertise Drives Innovation
Co-founders Mary Antony (CEO) and Kelsey Gootnick met seven years ago at Flexport, where they experienced firsthand the manual drudgery of financial reporting.
After moving through high-growth startups like Miro, RingCentral Events formerly hopin, and Thrive Global, they identified persistent pain points in legacy systems.
Addressing Market Pain Points
Traditional platforms like Workiva and Donnelley Financial Solutions still rely on spreadsheets, Word documents, and endless emails for financial statements.
InScope automates tedious tasks such as math verification, formatting, and uniform placement of dollar signs and commas.
This automation saves accountants up to 20% of their time, allowing focus on higher-value analysis.
Over the past 12 months, InScope has achieved 5x customer growth, attracting top firms like CohnReznick, ranked among the nation's top 15 accounting firms.
Future Vision and Industry Impact
Launched in 2023, InScope aims to fully automate income statements and balance sheets, revolutionizing 10-K and 10-Q filings.
Investor Sean Jacobsohn from Norwest praised the founders' buyer-side experience in this complex space.
Despite accountants' risk-averse nature, InScope's targeted approach positions it to transform fintech reporting efficiency.
As regulatory demands intensify, tools like InScope promise broader adoption, reducing errors and accelerating compliance across industries.
Maria Lourdes
