Inscope raised $14.5 million in a Series A funding round to increase the adoption and the capabilities of its artificial intelligence (AI)-powered financial reporting platform designed for use by both enterprises and their accounting firms.
The round brings the company’s total funding to $18.8 million, including the $4.3 million it raised in a seed round announced in June 2024.
Inscope will use the new funding to invest in its engineering and go-to-market teams and to expand the platform’s support for complex reporting requirements, the company said in a Friday (Feb. 20) blog post.
The company’s platform employs AI in enterprises’ financial reporting workflow to help accounting teams draft, roll forward, review and validate financial statements, while maintaining full audit trails and change control, according to the post.
With these capabilities, the platform eliminates the rework, version confusion and audit risk that teams often encounter when using manual methods that include disconnected Excel files, static documents and email-driven review cycles, the post said.
“Inscope provides the infrastructure teams need to produce high-quality, auditable financial statements at scale,” Inscope Co-founder and CEO Mary Antony said in the post.
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Because the platform is also designed for the accounting firms that audit the financial statements prepared by enterprises, it supports collaboration and change and enables fewer handoffs, better consistency and less risk of misstatements, per the post.
“Inscope replaces brittle, manual handoffs with a system that supports real-world review cycles and last-minute changes without breaking,” Inscope Co-founder and Chief Operating Officer Kelsey Gootnick said in the post.
Over the past 12 months, Inscope has increased its customer base by five times and its annual recurring revenue by over 30 times, according to the post.
The company’s Series A round was led by Norwest.
In their own blog post about the round, Norwest Partner Sean Jacobsohn and Investor Gabrielle Rush wrote: “As companies push to close faster, improve accuracy and gain real-time operational visibility, the replacement cycle is accelerating. Inscope is redefining the system of record for financial reporting, and setting a new standard for how trust, automation and intelligence coexist in the Office of the CFO.”
The PYMNTS Intelligence report “What Happens When CFOs Get Serious About Gen AI” found financial reporting is one of the core finance functions in which CFOs are embedding generative AI. Among the 10 finance processes included in the report, financial reporting was the one rated most important. Close to 87% of CFOs said Gen AI is important in financial reporting.
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