Inscribe, an AI-powered fraud detection software provider, has recently made the decision to lay off approximately 40% of its staff, amounting to dozens of employees. This move comes in light of the company missing its revenue targets due to market conditions.
The San Francisco-based company has confirmed the workforce reduction, citing the need to pivot towards new products and directions driven by advancements in AI within the financial services industry.
CEO and co-founder, Ronan Burke, explained the decision, stating that changing market dynamics and technological advancements in 2023 have prompted the company to realign its strategy. Inscribe is looking forward to a significant product launch later in the year to align with these changes.
Despite the layoffs, Inscribe had previously raised $25 million in Series B funding, with plans to expand its workforce. This funding round, led by Threshold Ventures, brought the total raised by Inscribe to $38 million.
The company, which already had a modest-sized team encompassing various roles, including engineering, product design, AI expertise, marketing, and sales, is optimistic about the future following these strategic adjustments.
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