Yet another AI-powered fraud detection software provider is laying off staff. carve, whose platform works to detect fraud in areas such as business underwriting, tenant screening, and onboarding, has cut just under 40% of its workforce (the equivalent of dozens of people). The news followed another small round of layoffs at Turnitin, an AI-based plagiarism detection company. Last year, the company’s CEO touted how AI could help reduce headcount.
Sources said Inscribe’s board of directors recommended the layoffs because the current market has prevented the company from meeting its revenue goals for more than a year.
San Francisco-based Inscribe.ai confirmed the job cuts to TechCrunch, noting that advances in AI in the financial services industry have necessitated the company’s new products and shift in direction.
“2023 was a year of change for our customers and for Inscribe,” explained Ronan Burke, Inscribe CEO and co-founder. “Many of our customers in the fintech industry have had to contend with rising interest rates and an unpredictable future for consumers and businesses. Additionally, advances in AI in 2023 will be one of the biggest challenges for the financial services ecosystem. “This is one of those opportunities that will enable improved customer experiences, more efficient processes and fairer decision-making,” he continued.
“In the fourth quarter of last year, we embarked on a new product strategy that aligns with these two industry changes, and we are planning a major product launch in this context later this year, which we are very excited about. We’re looking forward to it. As part of our strategic change, we made the difficult decision in January of this year to reduce the size of our teams, primarily in go-to-market and operations roles, by just under 40%,” said Burke. .
According to , the company was already a relatively small operation with 60 employees (or more). linkedin and pitch bookcombines engineering, product design, AI expertise, marketing, sales, and more.
In January 2023, Inscribe raised $25 million in Series B funding led by Threshold Ventures with participation from Crosslink Capital, Foundry, Uncork Capital, Box co-founder Dillon Smith, and Intercom co-founder Des Traynor. Procured. This round brings Inscribe’s total funding to date to $38 million. At the time, the company expected to double its then-50-person workforce over the next 12 to 18 months.
Sarah Perez can be reached at [email protected] or @sarahperez.01 / 415.234.3994 on Signal.