InScope Raises $14.5M to Modernise Financial Reporting With AI
Preparing financial statements has long been one of the most time-consuming and intricate tasks in corporate finance. Even for professionals without an accounting background, a quick look at a 10-K or 10-Q filing makes it clear how complex and detail-heavy the process can be.
Despite the availability of established platforms such as Workiva and Donnelley Financial Solutions, much of financial reporting still relies on manual workflows. For experienced accountants Mary Antony and Kelsey Gootnick, those inefficiencies became impossible to ignore.
From Shared Frustration to Startup Vision
Antony and Gootnick first crossed paths seven years ago while working at Flexport, where Gootnick held the role of controller and Antony served as assistant controller. Although their careers later took them to different companies — Antony to Miro and Gootnick to Hopin and later Thrive Global — they stayed connected.
Across each new role, the same pain points followed them.
“The way financial statements come together, it’s just patched together in a lot of spreadsheets, moved into a bunch of Word documents, emailed back and forth between people,” Antony told TechCrunch.
That recurring frustration ultimately sparked an idea.
Launching InScope to Automate the Busy Work
In 2023, the two accountants teamed up with co-founder and CTO Jared Tibshraeny to launch InScope, an AI-powered financial reporting platform designed to reduce the manual effort behind financial statement preparation.
The startup recently closed a $14.5 million Series A funding round, led by Norwest, with participation from Storm Ventures and existing investors Better Tomorrow Ventures and Lightspeed Venture Partners.
While InScope does not yet fully automate the creation of income statements or balance sheets, it focuses on eliminating repetitive, error-prone tasks such as mathematical verification and formatting.
According to Antony, who now serves as InScope’s CEO, even small improvements can have an outsized impact: simply standardising elements like dollar signs and comma placement can save accountants up to 20% of their time.
Rapid Customer Growth and Enterprise Adoption
The approach appears to be resonating with the market. Over the past 12 months, InScope has expanded its customer base fivefold, attracting major accounting firms including CohnReznick, which is currently ranked among the top 15 accounting firms nationally.
Despite this momentum, Antony acknowledges that widespread adoption of fully automated financial reporting will take time, particularly in a profession known for caution and precision.
She describes accountants as inherently risk-averse, making trust in AI-driven automation a gradual process. Even so, enabling full automation remains InScope’s long-term ambition.
Why Investors Are Paying Attention
Norwest partner Sean Jacobsohn says customer feedback played a decisive role in the firm’s investment.
He told TechCrunch that he committed to backing InScope after hearing repeatedly from clients that the platform significantly reduces the time spent on financial reporting.
Jacobsohn also believes the company benefits from a rare founder profile.
“It’s a very complex space, and you need to be able to have been in the shoes of the buyer before,” he said.
Accountants Turned Entrepreneurs
Antony agrees that launching a startup is not the typical career path for accountants. However, she credits years spent inside fast-growing technology companies for shaping the entrepreneurial mindset that ultimately led to InScope.
With deep domain expertise, early enterprise traction, and fresh capital to scale, InScope is positioning itself at the intersection of AI and finance — aiming to bring long-overdue efficiency to one of business’s most demanding processes.
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