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.