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Fintech


LIGHTSPEED VENTURE PARTNERS LEADS $4.3M SEED IN AUTOMATED FINANCIAL REPORTING
FINTECH INSCOPE

Christine Hall
6:05 AM PDT • June 12, 2024

Comment

Image Credits: InScope and Cowan / InScope co-founders Kelsey Gootnick and Mary
Antony

The financial reporting and auditing process is not often on the list of sexy
topics that technology startups want to go after. And yet, when errors are made
on financial reports, like the one Lyft had earlier this year, it can have dire
consequences for a company. Just ask Lyft.

After years of performing reporting and auditing work for companies like Miro,
Autodesk, Dropbox, Flexport and Yelp, Mary Antony and Kelsey Gootnick decided
reporting and auditing needed some technology love, too.



Both come from accounting backgrounds and met each other in 2018 while leading
the accounting function at Flexport. They saw firsthand how difficult it was for
companies to put together financial statements and disclosures — it can take
weeks to months to compile, and many are prone to errors that can have severe
consequences for companies if presented incorrectly.

So they started San Francisco-based InScope in 2023, leveraging machine learning
and large language models to provide financial reporting and auditing processes
for mid-market and enterprises. They launched the company in beta in early 2024
to customers who use Oracle NetSuite. 



The first iteration of the product included automating GAAP (generally accepted
accounting principles) and non-GAAP reporting, including cash flow statements,
CEO Antony said. 

“It really looks like a sudoku puzzle that you have to do with trial-and-error
to get right,” Antony told TechCrunch. “Cash flow statements are one of the most
important metrics for a company, so they shouldn’t be a sudoku puzzle, or a
puzzle in general. We make it possible for our customers to have effortless, but
accurate and reliable financial statements every time.” 

InScope’s financial report drafting tool.Image Credits: InScope

Along with the cash flow statements, the company will release a feature later
this year that helps customers draft annual and quarterly financial reports,
Antony said.


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InScope’s closest competitor today is Workiva, which also provides finance and
audit software. However, Gootnick said Workiva’s product offering is more
focused on public companies, whereas InScope focuses on private companies. 



Some legacy professional service firms offer similar services that make them
indirect competitors, but Antony and Gootnick see InScope’s product really more
complementary to them. So much so that they could be customers, Gootnick said.

InScope has five early customers, and is in the process of signing an additional
six. The company is generating revenue currently and is aiming to grow both 10x
in customers and revenue by the end of the year, Antony said. 



That growth attracted venture capital investors, which injected $4.3 million in
seed capital into the company recently. Lightspeed Venture Partners led the
round with participation from a group of individual investors including Vipul
Ved Prakash (founder and CEO of Together AI), Jake Heller (founder and CEO of
Casetext), Debbie Clifford (chief financial officer at Autodesk), Justin
Coulombe (chief financial officer at Miro) and Nadia Asoyan (chief financial
officer at Strike).

The founders say their next steps include expanding their customer base to 50
companies by the end of the year and will use the investment to scale its
product, grow the team and enhance its AI capabilities.

Better Tomorrow Ventures has advised the company since its inception, and
InScope was also part of Better Tomorrow’s first accelerator program in 2023.



“When we met the team through our accelerator program, we quickly noticed how
dedicated and passionate they were to fix a critical component that can be
detrimental to a company’s success,” said Sheel Mohnot, co-founder of Better
Tomorrow Ventures, in a statement. “After advising the team for a few weeks, we
knew that if anyone could tackle this problem, it would be Mary and Kelsey.”

Editor’s note, June 12, 8:20 a.m. PST: After publication, the company clarified
that new investor Lightspeed led the current round, and Better Tomorrow’s Sheel
Mohnot led earlier rounds. The headline was changed to reflect this information.




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TAGS

lightspeed venture partners, Better Tomorrow Ventures, Sheel Mohnot, financial
reporting, InScope


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