AI Fraud Tech Startup Inscribe.ai Lays Off 40% of Staff Despite Recent $25M Funding Round
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AI fraud detection software provider Inscribe.ai has laid off nearly 40% of its staff (dozens of employees) due to missing revenue goals.
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Inscribe provides fraud detection for areas like business underwriting, tenant screening, and onboarding.
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The company is pivoting to a new product and strategy direction in light of advances in AI and changes in the fintech industry.
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Inscribe raised $25 million in Series B funding in January 2023, forecasting to double its 50-person staff over the next 12-18 months.
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The layoffs come despite the recent funding round, as the board recommended cuts due to missed revenue goals for over a year.