Inscope Raises $14.5 Million In Series A Funding Round

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How much did Inscope raise in its Series A round?

Inscope‘s latest funding round is a $14.5 million Series A, which appears to position the company for accelerated growth in the AI driven financial reporting sector. The round, led by Norwest Venture Partners, includes participation from Storm Ventures, Better Tomorrow Ventures, and Lightspeed Venture Partners, bringing total funding to $18.8 million.

What is Inscope?

Inscope is an AI powered platform designed to automate financial reporting for enterprises and accounting firms, focusing on tasks like drafting, reviewing, and validating financial statements while maintaining audit trails. Founded in 2023 by CPAs Mary Antony (CEO) and Kelsey Gootnick (COO), along with CTO Jared Tibshraeny, the company addresses pain points from manual workflows, such as error-prone Excel and Word integrations. It serves clients including top accounting firms like CohnReznick and enterprises like Miro, emphasizing collaboration between preparers and auditors.

The Series A round totals $14.5 million, with Norwest as the lead investor and board addition Sean Jacobsohn. This follows a $4.3 million seed round in 2023, led by Lightspeed Venture Partners, which supported initial product development and customer acquisition. No public valuation was disclosed, but the rapid follow-on funding implies strong post seed performance.

The investment seems likely to enhance Inscope’s competitive edge in a market valuing AI for efficiency, potentially reducing reporting cycles by up to 60% as reported by users. However, challenges like ensuring AI trustworthiness in regulated environments persist, with investors noting the rarity of finance tools earning professional confidence. This could influence broader fintech trends, where automation intersects with compliance demands.

Inscope, headquartered in San Francisco, operates as an AI driven financial reporting platform tailored for mid market and enterprise accounting teams, as well as professional accounting firms. Established in 2023 by co-founders Mary Antony and Kelsey Gootnick, both certified public accountants with extensive experience leading finance teams at high growth companies, the platform emerged from firsthand frustrations with outdated, manual processes in financial statement preparation. Antony, serving as CEO, and Gootnick, as COO, drew on their backgrounds managing complex reporting cycles to design a system that automates repetitive tasks while preserving auditability and control. The team expanded with the addition of Jared Tibshraeny as CTO post seed round, bringing technical expertise to scale the platform’s infrastructure. Ankit Arya leads AI engineering, focusing on models that interpret financial statement structures, such as table roll-forwards and disclosure connections.

The company’s core offering integrates machine learning, large language models, and generative AI to streamline workflows, including populating financials, generating disclosures, performing reviews, and issuing statements. Unlike legacy tools that often cater to single user groups, Inscope facilitates shared infrastructure between enterprises and auditors, minimizing handoffs and reducing misstatement risks. Features include real time collaboration, version control, one click access to supporting schedules, and AI assisted checks for footing, inconsistencies, and formatting. Users report significant efficiency gains, such as 60% faster preparation cycles and fewer review iterations, particularly in high volume environments. Testimonials from clients like Miro, Tarana, Stord, Vouch, Intermedia, Copado, and auditors at PwC highlight its role in producing audit ready outputs and improving consistency.

Inscope’s growth trajectory has been notable since its inception. Over the 12 months leading up to the Series A announcement, the company expanded its customer base by more than five times, attracting prominent accounting firms such as CohnReznick, ranked among the top 15 nationally, and finance teams handling intricate reporting needs. Annual recurring revenue surged over 30 times, underscoring market demand for AI solutions in finance amid talent shortages and heightened regulatory scrutiny. Investments in security, scalability, and auditability have made the platform enterprise ready, enabling onboarding of Top 100 accounting firms that manage thousands of client engagements.

The latest funding round, a $14.5 million Series A, was led by Norwest Venture Partners, with participation from Storm Ventures, existing backers Better Tomorrow Ventures and Lightspeed Venture Partners, and undisclosed strategic operators in finance and enterprise software. This infusion brings Inscope’s total capital raised to $18.8 million. The proceeds are earmarked for bolstering engineering capabilities, enhancing go to market efforts, and broadening support for sophisticated reporting requirements in large organizations. Norwest Partner Sean Jacobsohn, who joins the board, emphasized Inscope’s unique ability to earn trust from finance professionals, a critical factor in a field where accuracy underpins capital market functionality. Storm Ventures Partner Dave Somers, formerly Chief Product Officer at Workday, also contributed, aligning with Norwest’s portfolio of over 20 CFO-focused investments, including Adaptive Insights (acquired by Workday) and FloQast.

This Series A builds on a $4.3 million seed round in 2023, led by Lightspeed Venture Partners with involvement from Better Tomorrow Ventures and individual investors such as Vipul Ved Prakash (Together AI), Jake Heller (Casetext), and CFOs from Autodesk, Miro, and Strike. The seed funding, initially announced around November 2023 but with some reports noting a formal reveal in June 2024, enabled early customer expansion to 50 accounts, staff hiring, and AI enhancements. No pre or post money valuations have been publicly disclosed for either round, though the swift progression from seed to Series A signals robust investor interest.

Funding History Table

In the broader market context, financial reporting remains a $10+ billion category dominated by incumbents like Workiva (focused on final filings and XBRL tagging) and Microsoft Word/Excel (legacy manual tools), but ripe for disruption due to its reliance on unstructured data and judgment intensive processes. Inscope positions itself as a complement to Workiva, excelling in preparation and review stages rather than end-filing. Competitors include DataRails (financial planning and analysis automation), OnCorps (decision making AI for finance), Docyt (real time accounting automation), Leapfin (revenue recognition), and LiveFlow (spreadsheet integrations), each addressing adjacent pain points but lacking Inscope’s dual focus on enterprises and auditors. The rise of AI in fintech, fueled by talent gaps and regulations like SOX compliance, has accelerated adoption, with Inscope’s emphasis on trust, through full audit trails and change controls, differentiating it in a skeptical industry.

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Key Competitors Table

Investor perspectives underscore the strategic fit: Norwest highlights Inscope’s redefinition of the financial reporting system of record, accelerating amid demands for faster closes and real time visibility. Quotes from founders emphasize safeguarding market trust amid regulatory pressures, while partners like Aric Johnstone of Williams Marston praise its impact on client deliverables. Social media reactions, including announcements from outlets like The SaaS News and Techticia, reflect positive sentiment around the funding’s potential to transform accounting workflows.

Looking ahead, Inscope’s trajectory may involve deeper integrations with ERP systems like Oracle NetSuite, further AI refinements for complex GAAP compliance, and potential partnerships with Big Four firms. While risks include competition from entrenched players and evolving AI regulations, the funding provides a runway to capitalize on the fintech automation boom, potentially leading to expanded market share in a sector projected to grow with AI adoption.

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