InScope Secures $14.5 Million Funding to Revolutionize Financial Reporting
The financial reporting landscape is set for a significant transformation as InScope, an innovative AI-driven platform, has successfully raised $14.5 million in Series A funding. This round was spearheaded by Norwest, with additional investment from Storm Ventures and returning supporters Better Tomorrow Ventures and Lightspeed Venture Partners.
Founded by seasoned accountants Mary Antony and Kelsey Gootnick, InScope aims to simplify the intricate and often cumbersome process involved in preparing financial statements. The company emerged from the duo’s firsthand experiences with legacy systems that failed to alleviate the manual complexities typical of financial reporting.
With a vision to automate key aspects of financial statement preparation, InScope currently streamlines tasks such as mathematical verification and formatting—allowing accountants to reclaim up to 20% of their time, as stated by CEO Antony. While full automation of income statements and balance sheets remains a future target, the platform already shows promise in tackling the tedious elements of the reporting process.
In just the past year, InScope has expanded its client base fivefold, attracting some of the industry’s leading firms, including CohnReznick, which ranks among the top 15 accounting firms nationally. However, as Antony acknowledges, the traditionally cautious nature of accountants poses challenges to widespread adoption of AI solutions in this domain.
The company’s founders believe their unique insights into the accounting profession provide a competitive edge in redefining financial reporting technology. “It’s essential to have experienced the buyer’s perspective in such a complex space,” remarked Jacobsohn, emphasizing the founders’ qualifications to innovate in this area. As the landscape evolves, InScope is poised to lead the charge toward a more efficient and automated future in financial reporting.
