InScope has raised $14.5 million in Series A funding to automate the financial statement preparation process for enterprise finance teams. The funding round, led by Norwest Venture Partners with participation from Better Tomorrow Ventures, comes as companies increasingly seek solutions to reduce the burdens of manual and error-prone financial reporting workflows. The startup aims to address a significant challenge faced by finance professionals, who often spend hundreds of hours each quarter creating accurate financial statements.
Founded by a team of former accountants from Flexport, Miro, Hopin, and Thrive Global, InScope’s leadership has firsthand experience with the complexities and inefficiencies of traditional financial processes. “We felt the pain of manual financial reporting processes that couldn’t keep up,” said a spokesperson from InScope, highlighting how their backgrounds inform the development of their AI-powered platform.
The timing of InScope’s launch could not be more opportune. As enterprises grapple with an overwhelming amount of data, many still rely heavily on spreadsheets and manual reconciliations to produce financial statements that compliance officers, boards, and auditors require. According to research from Gartner, finance leaders dedicate up to 25% of their time to routine transaction processing and reporting tasks—areas where AI technologies can significantly enhance efficiency.
InScope aims to alleviate these pressures by utilizing artificial intelligence to streamline the workflows traditionally managed by accountants. The platform will automate tasks such as data extraction from multiple systems, account reconciliations, discrepancy identification, and the generation of audit-ready financial statements. For companies that engage in monthly or quarterly financial closes, this innovation could potentially reduce the time needed for these processes from weeks to days or even hours.
The venture capital community’s support for InScope signals a growing appetite for AI-driven fintech solutions designed to eliminate the tedious aspects of back-office work. As more startups enter this space, the pressure on companies to adopt such technologies increases, particularly as they navigate the complexities of modern financial reporting.
As InScope moves forward with its ambitious plans, its founders are keenly aware of the landscape they are entering. The combination of their experience and the innovative potential of AI could place them at the forefront of a significant shift in financial operations. By addressing the persistent challenges within finance departments, InScope not only aims to enhance productivity but also to redefine how financial reporting is conducted in the corporate world.
In summary, the evolution of financial reporting through AI technologies is gaining momentum, and InScope’s recent funding illustrates the growing recognition of the need for automated solutions in enterprise finance. As the company prepares to launch its platform, the broader implications for the industry are evident: a potential decrease in reliance on traditional methods, leading to faster and more reliable financial operations.
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