Fraud detection start-up Inscribe has raised more than $10m in Series A funding and now plans to grow its engineering team in Dublin.
The company, which was founded by Irish brothers Conor and Ronan Burke along with Oisin Moran and James Eggers, detects fraud in documents that would be supplied to insurers and lenders, for example proof of address documents.
It uses a combination of natural language processing and computer vision to scan documents and look for potential fraud.
The San Francisco-headquartered start-up was founded in 2017. It opened a Dublin office after raising $3m in funding in December 2018.
The $10.5m in fresh funding came from Uncork Capital, Foundry Group, Crosslink Capital and Y Combinator. Inscribe also said it surpassed $40m of fraud detected per month for customers in April 2021.
“What were traditionally offline applications are moving online; applying for a mortgage with your local bank manager, purchasing a car from your nearest dealership, meeting with an insurance broker for business insurance, renting a property with an estate agent. These high-trust use cases used to rely on in-person interactions to assess trust,” the Inscribe team said in a blog post about the funding.
“When they move online, an often surprising and unexpected reality of this shift is the magnitude of fraud that exists. Managing fraud is a make-or-break game if left unchecked, it destroys profit margins. Moving online opens up the floodgates of fraudsters who see these applications as easy targets, particularly when companies strive for automated decisioning, making them even more impersonal and vulnerable.”
Inscribe said it plans to use the new funding to fuel product development and go-to-market activities. “In particular, we will grow our engineering team in Dublin, Ireland, and our go-to-market team in San Francisco,” it added.
According to The Irish Times, Inscribe intends to create 30 engineering jobs in Dublin over the next two years.
The company also said it aims to quadruple its revenue, triple its team and further expand its product offering.
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