Inscribe.ai Faces Layoffs Amidst Market Challenges
Inscribe.ai, a San Francisco-based company, specializes in AI-powered fraud detection software. Its platform is designed to actively identify fraudulent activities across various sectors, including business underwriting, tenant screening, and onboarding processes.
Recently, Inscribe.ai announced a reduction in its workforce, amounting to nearly 40% of its employees. This decision has put dozens of staff members out of work. The move comes amidst a challenging market environment, which has led the company to miss its revenue targets for over a year.
Ronan Burke, CEO, and co-founder of Inscribe.ai, attributed the layoffs to the evolving landscape of the financial services industry. He highlighted the impact of market uncertainties, particularly in the fintech sector.
Burke emphasized the company’s commitment to adapting to industry shifts. He mentioned a strategic pivot towards a new product direction, aligning with advancements in AI technology and market demands. Inscribe.ai aims to leverage these changes to enhance customer experiences, streamline processes, and facilitate fair decision-making.
Product Strategy and Future Plans
In response to market dynamics, Inscribe.ai embarked on a new product strategy in the last quarter of the previous year. This shift in direction led to the decision to downsize the workforce in January, primarily affecting roles related to go-to-market strategies and operations.
Despite its recent challenges, Inscribe.ai had previously shown promising growth. In January 2023, the company secured $25 million in Series B funding, led by Threshold Ventures. This funding round was intended to support the company’s expansion plans, including doubling its workforce within the following year to 18 months.
The layoffs at Inscribe.ai underscore the impact of market fluctuations on technology startups, particularly those operating in sensitive sectors like financial services. Despite the setbacks, the company remains focused on innovation and adapting to meet the evolving needs of its industry.
