InScope has secured $4.3 million in seed capital from investors including Lightspeed Venture Partners and Better Tomorrow Ventures. The company currently has five early customers and is in the process of signing an additional six. It aims to grow its customer base to 50 companies by the end of the year and will use the investment to scale its product, expand its team, and enhance its AI capabilities.
Key takeaways:
- Mary Antony and Kelsey Gootnick, who have accounting backgrounds and experience with companies like Miro, Autodesk, Dropbox, Flexport and Yelp, started San Francisco-based InScope in 2023 to provide financial reporting and auditing processes for mid-market and enterprises using machine learning and large language models.
- The company launched in beta in early 2024 to customers who use Oracle Netsuite, with the first iteration of the product automating GAAP and non-GAAP reporting, including cash flow statements.
- InScope's closest competitor is Workiva, but the founders see their product as more complementary to legacy professional service firms, and they are aiming to grow their customer base to 50 companies by the end of the year.
- The company recently attracted venture capital investors, who injected $4.3 million in seed capital, led by Lightspeed Venture Partners and Better Tomorrow Ventures, with participation from a group of individual investors.