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Inscope Secures $14.5 Million in Series A Funding Led by Norwest

lite News Desk 2 min read

At a glance

  • Inscope raised $14.5 million in a Series A round
  • Total funding now stands at $18.8 million
  • Norwest led the latest investment round

Inscope completed a Series A funding round, securing $14.5 million to support its AI-driven financial reporting platform. The company’s total funding, including a previous seed round, now amounts to $18.8 million.

The new investment follows a period of rapid growth for Inscope, which has expanded its customer base and revenue over the past year. The Series A round was led by Norwest, with previous funding led by Lightspeed Venture Partners in June 2024.

According to company statements, Inscope plans to allocate the new capital toward expanding its engineering and go-to-market teams. The funding will also be used to increase the platform’s capabilities for handling complex financial reporting requirements.

Inscope’s technology uses artificial intelligence to assist enterprises in drafting, reviewing, and validating financial statements. The platform is designed to maintain audit trails and support change control processes for its users.

What the numbers show

  • Series A funding totaled $14.5 million
  • Total funding, including seed round, reached $18.8 million
  • Customer base grew fivefold in the past 12 months
  • Annual recurring revenue increased more than 30 times over the same period

The company was founded in 2023 by Mary Antony and Kelsey Gootnick, who previously managed accounting functions at Flexport. Inscope’s initial seed round, announced in June 2024, raised $4.3 million and was led by Lightspeed Venture Partners.

Inscope’s platform aims to address the needs of enterprises with complex financial reporting obligations. The company has reported substantial growth in both its customer base and recurring revenue during the last year.

With the new funding, Inscope intends to further develop its product features and expand its market reach. The company has stated that these steps are part of its ongoing strategy to enhance support for enterprise clients with advanced reporting needs.

* This article is based on publicly available information at the time of writing.

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