InScope Secures $14.5M Series A to Revolutionize AI-Powered Financial Reporting Automation
InScope, an AI-driven financial reporting platform, has successfully raised $14.5 million in Series A funding led by Norwest, with participation from Storm Ventures and existing investors Better Tomorrow Ventures and Lightspeed Venture Partners.
Financial statement preparation remains a notoriously complex and labor-intensive process, even with legacy solutions like Workiva and Donnelley Financial Solutions. The platform was founded in 2023 by veteran accountants Mary Antony (CEO) and Kelsey Gootnick, who initially connected seven years ago at Flexport, where Gootnick served as controller and Antony as assistant controller.
Throughout their careers at various high-growth companies including Miro, Hopin, and Thrive Global, both founders consistently encountered the same operational inefficiencies. According to Antony, the traditional workflow involves piecing together data across multiple spreadsheets, transferring information to Word documents, and coordinating through endless email exchanges between stakeholders.
Key Features and Benefits:
While InScope hasn't yet achieved full automation of income statements and balance sheets generation, the platform significantly reduces manual workload by automating:
• Mathematical verification and validation
• Document formatting and standardization
• Consistency checks for financial notation
According to Antony, simply ensuring uniform placement of dollar signs and commas can save accountants up to 20% of their time.
Market Traction and Growth:
Over the past 12 months, InScope has achieved 5x customer base growth, securing partnerships with major accounting firms including CohnReznick, currently ranked in the top 15 nationally. The company's success stems from addressing genuine pain points experienced by financial professionals.
Norwest partner Sean Jacobsohn noted that his investment decision was validated by multiple client testimonials confirming significant time savings. He emphasized that InScope's competitive advantage lies in the founders' deep domain expertise—a rare combination in the financial technology sector.
Future Vision:
While the accounting profession is traditionally risk-averse regarding AI adoption, InScope's long-term objective remains full automation of financial statement preparation. The founders' entrepreneurial capabilities, developed through years of experience in fast-paced startup environments, position them uniquely to drive this transformation.
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