Inscribe, a company that automates the process of identifying fraudulent documents using machine learning and image forensics, has raised $3 million in seed funding. Crosslink Capital and Uncork Capital led this round of funding. Inscribe also recently graduated from the Y Combinator startup accelerator program.
SV Angel, Liquid 2 Ventures, Quiet Capital, Friále, and angel investors Marc McCabe and Brad Flora also participated in this round. Before this funding round, Inscribe raised $170,000 from Y Combinator and Acceleprise.
“Document fraud affects almost every industry and sector – from financial services and insurance to governments and marketplaces. Any organization that requires detailed information from documents such as bank statements, utility bills or invoices before making a business decision is at risk,” said Inscribe CEO and co-founder Ronan Burke in a statement. “At the same time, digital editing tools are making it increasingly easy for people to manipulate documents. Our technology gives businesses the tools they need to quickly and accurately detect document irregularities, saving them from costly mistakes and allowing them to grow with confidence.”
With this funding round, Inscribe will be fueling customer growth and expand its engineering team in Dublin, Ireland. Inscribe is currently being piloted with multiple lending companies such as one of the largest fintech lenders in the U.S. Uncork Capital founder and managing partner Jeff Clavier said that Inscribe “is on track become the de facto solution for detecting document fraud.”
Through an API and web platform, Inscribe’s solution have three elements including Document Forensics (checks fonts, colors, and shapes using forensics methods), Document Corroboration (cross-checks names, transaction amounts, and addresses between documents), and Database Checks (checks public and private databases for blacklisted names, addresses, phone numbers, and transaction amounts previously used in fraudulent applications).
“Online fraud is a problem that continues to snowball as the technologies used to commit fraud become more effective and ubiquitous,” explained Crosslink Capital general partner Eric Chin. “Inscribe is on the forefront of companies combating these issues and is prepared to capture significant market share with its comprehensive approach to document verification. We look forward to working closely with Inscribe as it emerges as the category leader.”
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