InScope Secures $14.5 Million in Funding to Revolutionize Financial Reporting

InScope has raised $14.5 million in a Series A funding round aimed at addressing one of the biggest challenges in finance: transforming disorganized, multi-source data into compliant, submission-ready financial statements. Led by Norwest with support from Storm Ventures and existing investors Better Tomorrow Ventures and Lightspeed Venture Partners, this investment underscores a growing belief that AI can enhance the efficiency of 10-Ks, 10-Qs, and annual audits.

Founder Background: A Focus on Financial Reporting

Founded by experienced accountants Mary Antony and Kelsey Gootnick, InScope tackles the intricate controls that hinder reporting teams. Instead of attempting to instantly generate complete financial data, the platform focuses on streamlining the details—such as arithmetic checks, formatting consistency, document linkages, and narrative alignment. This practical approach is designed to save hours on the 20% of tedious tasks that often extend review cycles and cause late nights.

Automation Features Transforming Reporting Workflows

Early users of InScope utilize the platform to manage the finer details that can derail filings, such as uniform dollar signs, rounding consistency, and accurate calendar rollovers. The system effectively flags inconsistencies between tables and footnotes, highlights variances from period to period, and uncovers mathematical discrepancies before auditors can find them. According to CEO Mary Antony, these controls can reclaim up to 20% of an accountant’s time during peak reporting seasons.

The Growing Need for AI in Financial Reporting

The financial reporting sector itself is thriving, constituting a multibillion-dollar software market dominated by established players like Workiva and Donnelley Financial Solutions. With annual revenues surpassing $600 million for Workiva and around $1 billion for Donnelley, it’s evident that compliance workloads remain substantial. Moreover, analysts from the SEC’s Inline Gartner report that many finance teams dedicate more than half their time just to data collection and reconciliation—areas where AI could significantly reduce bottlenecks.

InScope’s Traction Within the Audit Space

Over the past year, InScope has seen a remarkable five-fold increase in its customer base, notably including major accounting firm CohnReznick. This credibility is crucial, as if auditors and advisors adopt InScope, internal controllers and accounting managers are more likely to integrate its functionalities into their regular closing and reporting processes. The platform is designed for both internal reporting teams and service providers, aiming for fewer review cycles and faster connections between auditors.

Risk Management and AI Adoption in Financial Reporting

With accountants traditionally being risk-averse, the adoption of AI in financial reporting must prioritize traceability, security for sensitive data, and deterministic outputs where essential. InScope emphasizes SOC 2 compliance, role-based access controls, immutable audit logs, and granular approval processes—features that align with the expectations of regulatory bodies like the PCAOB and AICPA, ensuring audits remain robust and trustworthy.

Future Prospects for InScope’s AI-Powered Reporting Platform

With new funding secured, InScope plans to deepen its integrations into ERP and consolidation systems, introduce advanced reconciliation logic, and develop policy-aware writing aids that adhere closely to FASB codification. The future will likely involve enhancements in XBRL validation and consistency in ESG narrative data as global reporting standards evolve. The ultimate KPI for InScope will be cycle time—aiming for fewer review cycles, minimizing errors, and reducing filing time significantly while remaining audit-ready.