A technology startup named InScope has raised $14.5 million in a funding round. The company, founded by former accountants from prominent firms, aims to automate the complex process of preparing financial statements for businesses.

The funding was announced this week. The capital infusion is intended to accelerate the development and adoption of InScope’s platform, which targets a common pain point in corporate finance departments worldwide.

Founders’ Background and Company Mission

InScope was established by accounting professionals who previously held positions at technology and logistics companies, including Flexport, Miro, Hopin, and Thrive Global. Their direct experience with the manual burdens of financial reporting inspired the creation of the automated software solution.

The company’s primary objective is to streamline the creation of financial statements. This process often involves collecting data from disparate sources, ensuring compliance with accounting standards, and managing tight deadlines, which can be labor-intensive and prone to error when done manually.

The Problem of Manual Financial Reporting

Financial reporting is a critical function for all companies, required for regulatory compliance, investor relations, and internal decision-making. The traditional process of compiling quarterly and annual reports is frequently cited as a major operational challenge for finance teams.

Tasks such as data aggregation, consolidation, and formatting consume significant time and resources. InScope’s platform is designed to address these specific difficulties by applying automation technology to reduce manual effort and improve accuracy.

Use of New Investment Capital

The $14.5 million in new funding will be directed toward several key areas. Company officials stated that resources will be allocated to further product development, expanding the platform’s capabilities. Additionally, a portion of the investment will support growth in engineering and sales teams.

Market expansion is also a stated goal. The company plans to increase its reach to serve more businesses that struggle with the financial close and reporting cycle.

Industry Context and Market Need

The financial technology, or fintech, sector continues to see significant investment in tools that enhance back-office operations. Automation software for accounting and finance is a growing segment, as organizations seek efficiency and reliability in their financial processes.

InScope enters a competitive market with other providers of enterprise resource planning and financial consolidation software. The company differentiates itself by focusing specifically on the end-to-end financial statement preparation workflow, a niche born from the founders’ firsthand accounting experience.

Expected Development and Next Steps

Following the completion of this funding round, InScope is expected to intensify its research and development activities. The company has indicated that upcoming platform enhancements will focus on deeper integrations with common accounting software and enterprise systems.

In the coming months, the startup is likely to announce new client partnerships and detail specific product roadmap milestones. The broader adoption of such automation tools is anticipated to continue as corporate finance teams globally prioritize digital transformation initiatives to streamline their reporting obligations.

Source: GeekWire