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Lightspeed Leads $4.3M Seed for InScope

Growth plans in motion, InScope recently secured $4.3 million in seed funding, led by Lightspeed Venture Partners
June 13, 2024

In the tech startup realm, financial reporting and auditing may not be the most glamorous topics, but their importance cannot be overstated. One misstep, as witnessed by Lyft earlier this year, can spell disaster for even the most successful companies. Enter Mary Antony and Kelsey Gootnick, the dynamic duo disrupting this often-overlooked sector with their tech-infused solution.

Having honed their skills in the trenches of accounting for companies like Miro, Autodesk, and Dropbox, Antony and Gootnick recognized the dire need for innovation in financial reporting and auditing processes. Hence, in 2023, they founded InScope, a San Francisco-based startup harnessing the power of machine learning and large language models to revolutionize financial reporting and auditing for mid-market and enterprise clients.

The inception of InScope stemmed from the founders' firsthand experience grappling with the arduous task of compiling financial statements—a process prone to errors and inefficiencies. Antony vividly describes it as akin to solving a complex sudoku puzzle, where accuracy is paramount but achieving it often feels like guesswork. InScope's mission? To transform this painstaking process into a seamless and error-free experience.

InScope's debut product, launched in beta in early 2024, targets users of Oracle NetSuite, automating the generation of GAAP and non-GAAP reports, including cash flow statements—the lifeblood of financial analysis. Antony emphasizes the importance of these statements, asserting that they should not resemble a puzzle but rather serve as a reliable foundation for decision-making.

Looking ahead, InScope plans to expand its offerings with features for drafting annual and quarterly financial reports, further streamlining the reporting process. While the company faces competition from established players like Workiva, its unique focus on private companies sets it apart in the market. Antony and Gootnick view their product as complementary rather than competitive, positioning InScope as a valuable asset even for legacy professional service firms.

With a roster of early customers already on board and ambitious growth targets, InScope recently secured $4.3 million in seed funding led by Lightspeed Venture Partners. The infusion of capital will fuel the company's expansion efforts, enabling it to scale its product, enhance its AI capabilities, and bolster its team.

InScope's journey is not just about disrupting the status quo—it's about empowering businesses with the tools they need to thrive in an increasingly complex financial landscape. As Antony and Gootnick chart their course forward, one thing is clear: InScope is poised to redefine the future of financial reporting.

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