InScope, a San Francisco, CA-based startup that leverages machine learning and large language models to enhance financial reporting and auditing, has raised $4.3 million in seed funding. 

Investors 

The round was led by Lightspeed Venture Partners, with participation from notable investors including Vipul Ved Prakash, Jake Heller, Debbie Clifford, Justin Coulombe, and Nadia Asoyan.  

Lightspeed Venture Partners is a multi-stage venture capital firm focused on accelerating disruptive innovations and trends in the Enterprise, Consumer, Health, and Fintech sectors. They currently manages $28 billion in AUM across its platform, with investment professionals and advisors in the U.S., Europe, India, Israel, and Southeast Asia. 

InScope Use of Funds 

The company plans to use the funding to scale its product, expand its team, and enhance AI capabilities, aiming to reach 50 customers by the end of the year. 

About InScope 

Founded in 2023 by Mary Antony and Avy Faingezicht, InScope is a fintech company that uses machine learning and large language models to provide financial reporting and auditing processes for mid-market and enterprise clients. The company launched in beta in early 2024 for Oracle NetSuite users. InScope's initial product iteration automates GAAP and non-GAAP reporting, including cash flow statements. The platform also includes features to automate the drafting of annual and quarterly financial reports, expected to be released later this year. 

Funding Details

Company: InScope Tech, Inc. 

Raised: $4.3M

Round: Seed Round 

Funding Month: June 2024 

Lead Investor: Lightspeed Venture Partners 

Additional Investors: Vipul Ved Prakash, Jake Heller, Debbie Clifford, Justin Coulombe, Nadia Asoyan

Company Website: https://www.inscopehq.com/  

Software Category: Financial Reporting and Auditing 

Source: https://techcrunch.com/2024/06/12/sheel-mohnot-inscope-financial-reporting