Financial Reporting Streamlined: InScope Raises $14.5 Million for AI-Powered Platform
In the complex and laborious process of preparing financial statements, even those without accounting backgrounds can identify the manual hurdles within existing platforms like Workiva and Donnelley Financial Solutions. Recognizing this challenge, Mary Antony, Kelsey Gootnick, and Jared Tibshraeny, all veteran accountants, have launched InScope, an AI-driven financial reporting platform designed to automate numerous aspects of the financial statement preparation process.
Antony and Gootnick first met seven years ago at Flexport, where they served as assistant controller and controller respectively. Despite their subsequent professional paths diverging— Antony to Miro and Gootnick to Hopin and Thrive Global—the duo found themselves consistently encountering the same manual obstacles in their various roles. "The way financial statements come together is often a patchwork of numerous spreadsheets and Word documents, exchanged via email," Antony explained to TechCrunch.
In response to these challenges, InScope was founded in 2023. The startup's Series A funding round, led by Norwest with participation from Storm Ventures, Better Tomorrow Ventures, and Lightspeed Venture Partners, secured $14.5 million. While InScope doesn't yet fully automate the creation of income statements and balance sheets, it significantly streamlines manual tasks, such as math verification and formatting, potentially saving accountants up to 20% of their time, according to Antony, InScope's CEO.
InScope aims to revolutionize financial reporting, offering a more efficient and less exhausting alternative for companies and accounting firms worldwide.
TechCrunch Founder Summit 2026 convenes over 1,000 founders and investors for a day dedicated to growth, execution, and scaling. The event offers attendees the opportunity to learn from industry shapers, network with peers navigating comparable growth stages, and acquire immediate tactical applications. Early bird registration, offering savings of up to $300 or 30%, ends on March 13. The summit takes place in Boston, MA; registration is now open.
In the last year, financial technology startup InScope has expanded its client base fivefold, attracting major accounting firms like CohnReznick, which ranks among the top 15 nationally. Despite accountants' traditionally risk-averse nature, InScope aims to fully automate financial statement preparation, a goal yet to be fully realized.
Norwest partner Sean Jacobsohn, having heard testimonials from multiple clients about InScope's time-saving product, invested in the startup. Jacobsohn attributes InScope's distinction to the rarity of founders with the specific expertise needed to revolutionize financial reporting technology. "It's a very complex space, and you need to have been in the buyer's shoes before," he said.
Founder Antony acknowledges that accountants are not typically entrepreneurial, but she and her co-founder Gootnick honed their entrepreneurial skills through years of immersion in fast-paced cultures within other high-growth startups.
Source: Read Original Article