InScope Secures $4.3 Million in Seed Round

  • Fundraising News
  • 14.06.2024 01:30 pm

InScope has officially launched its platform, securing $4.3 million in funding to enhance financial reporting and auditing processes for private companies.

The platform addresses the current challenges in assembling financial statements, which are often time-consuming and prone to errors. InScope aims to transform these processes by leveraging advanced technologies, including machine learning and large language models, to automate significant portions of the workflow. This innovation allows accountants to concentrate on strategic initiatives rather than being bogged down by manual tasks.

Co-founders Mary Antony and Kelsey Gootnick, who have extensive experience leading accounting and finance teams, formed InScope to address the frustrations they observed in the traditional financial reporting processes. Their platform integrates data from core business systems and publicly available information to produce GAAP-compliant financial and audit documents.

Mary Antony, Co-founder and CEO, InScope:

At InScope, we are reimagining how companies and professional services firms that cater to them handle financial reporting. We leverage Generative AI and Large Language Models (LLMs) to automate significant parts of the workflow, drastically reducing the time and effort required. For too long, we have relied on manual processes which can take valuable time from team members, dragging them into the past.

The newly acquired funds will be used to further develop InScope’s platform, enhancing its capabilities to support finance professionals in completing their reporting tasks efficiently and accurately. By automating the compilation of financial statements, InScope aims to reduce the time and effort involved in financial reporting, eliminating the need for outdated manual processes.

Investors in InScope include Lightspeed and Better Tomorrow Ventures, reflecting confidence in the company's potential to transform financial reporting and auditing in private companies.

InScope’s innovative use of technology not only speeds up the reporting process but also improves accuracy, helping companies to maintain compliance and transparency. This advancement is poised to change the landscape of financial audits and reporting by providing a more efficient and reliable solution.

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