InScope raises $14.5M to automate financial reporting

InScope, an AI-powered financial reporting platform, has raised $14.5 million in Series A funding—an early-stage venture capital funding round. The investment was led by Norwest, with participation from Storm Ventures and existing backers Better Tomorrow Ventures and Lightspeed Venture Partners. The startup aims to address the complex and tedious process of preparing financial statements, such as 10-K annual reports and 10-Q quarterly reports, which currently relies on fragmented spreadsheets and manual document handling.

The company was launched in 2023 by Mary Antony, Kelsey Gootnick, and Jared Tibshraeny, who serves as CTO. Antony, who serves as CEO, and Gootnick met seven years ago as colleagues at Flexport. Throughout their careers, they repeatedly encountered the same manual challenges. Antony noted that the traditional preparation of financial statements is often patched together across multiple spreadsheets, transferred into Word documents, and emailed back and forth among teams. Even when using legacy platforms like Workiva and Donnelley Financial Solutions, the founders found themselves dealing with exhausting manual hurdles. This shared frustration led them to build a platform designed to automate many aspects of the financial statement preparation process.

While InScope is not fully automating the generation of income statements and balance sheets yet, the platform automates a vast amount of manual busy work, from formatting to verifying mathematical accuracy. According to Antony, simply ensuring that dollar signs and commas are uniform and correctly placed can save accountants up to 20% of their time. This efficiency has helped InScope grow its customer base by 5x over the last 12 months. Its clients now include CohnReznick, an accounting firm ranked in the top 15 nationally.

The accounting sector is traditionally risk-averse, meaning full automation of financial statements may take time. However, investors see strong founder-market fit in InScope’s leadership. Norwest partner Sean Jacobsohn invested after hearing from clients that the tool provides significant time savings. Jacobsohn is convinced that InScope stands out because few founders possess the specific expertise required to reinvent financial reporting technology. “It’s a very complex space, and you need to be able to have been in the shoes of the buyer before,” he said.

Why it matters

InScope is attempting to automate the manual, tedious process of financial statement preparation, which currently relies on fragmented spreadsheets and manual document handling.