Inscribe, an AI-powered document fraud detection service has raised $25 million in Series B funding, bringing the startup’s total raised amount to date to $38 million.
The Series B funding round was led by Threshold Ventures with participation from Crosslink Capital, Foundry, Uncork Capital, Box co-founder Dillon Smith, and Intercom co-founder Des Traynor. The funding would help expand Inscribe’s fraud detection capabilities and allow the startup to introduce state-of-the-art Risk Intelligence innovations.
Why? The startup says it is building broken digital trust as a recent survey shows that the average U.S. fintech loses $51 million to fraud annually, and the impact of fraud has a negative ripple effect across the entire company.
The company, founded by Irish brothers Conor and Ronan Burke along with Oisín Moran and James Eggers, uses a combination of natural language processing and computer vision to scan documents and look for potential fraud.
Risk Intelligence: “Our mission at Inscribe is to create a fair and efficient financial services ecosystem. We’ve started by building best-in-class document fraud detection so companies can uncover the Risk Intelligence they need to build digital trust with customers. And this is only the beginning” said Inscribe co-founder and CEO Ronan Burke.
The new funding will help the startup enable companies to build digital trust by pioneering risk intelligence. It will help build digital trust by quickly analyzing billions of data points with a high degree of accuracy and insights, the company says.
Josh Stein, co-founder and Managing Partner at Threshold Ventures believes that Inscribe’s Risk Intelligence “will be one of the most significant innovations for the financial services industry since the shift to online banking”.
AI-powered fraud detection tools: Inscribe is a fraud detection and document automation platform for the fintech and finance industry. Its risk intelligence package helps detect fraud and automate checks and manual document reviews which save time and money, the startup claims.
Inscribe team says that its AI-first approach sets them apart from other similar anti-fraud tools out there such as Resistant AI and Smile Identity.
