AI fraud detection software maker Inscribe.ai lays off 40% of staff

AI-powered fraud detection software provider, Inscribe, has laid off nearly 40% of its staff due to missed revenue goals and a shift in product strategy. The San Francisco-based startup, which specializes in detecting fraud in business underwriting, tenant screening, and onboarding, confirmed the layoffs and attributed them to advances in AI in the financial services industry, necessitating a pivot to a new product and direction.

Inscribe CEO and co-founder, Ronan Burke, explained that the company is aligning its new product strategy with the industry shifts and has a major product launch planned for later in the year. The layoffs, mostly in go-to-market and operational roles, come after the company raised $25 million in Series B funding in January 2023, bringing its total raise to $38 million. Despite the layoffs, the company had previously forecasted a doubling of its then 50-person workforce over the next 12 to 18 months.

Key takeaways

Inscribe, an AI-powered fraud detection software provider, has laid off just under 40% of its staff due to missing revenue goals for over a year.
The layoffs were recommended by Inscribe's board and were mostly in go-to-market and operational roles.
Inscribe is planning a large product launch later this year, following a pivot to a new product and direction due to AI advances in the financial services industry.
In January 2023, Inscribe raised $25 million in Series B funding, bringing its total raise to date to $38 million.

AI fraud detection software maker Inscribe.ai lays off 40% of staff | TechCrunch

Key takeaways

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