Inscribe has raised $25 million in a Series B funding round led by Threshold Ventures with participation from Foundry, Uncork Capital, Intercom co-founder Des Traynor, Box co-founder Dillon Smith, and Crosslink Capital.
The infusion has brought the startup’s total raised funds to $38 million, including a $10.5 million Series A round that was closed in April 2021.
Inscribe is an AI-powered document fraud detection service created for fraud, risk, and operations teams in the finance and fintech industries. Inscribe uses AI trained on hundreds of millions of data points to provide results.
Inscribe processes, classifies, and data-matches financial onboarding documents, highlighting any dissimilarities between the documents provided and documents recovered using its AI-powered fraud detection.
Document details, including names, bank statement transactions, and addresses, are automatically digitized to generate individual customer risk profiles that contain snapshots of bank statements and transactions.
Ronan Burke says that Inscribe solves the issue of hiring a large data science team or having to create an in-house fraud detection solution.