Inscribe.AI, a provider of AI-powered fraud detection software, has recently let go of nearly 40% of its staff, including dozens of employees, amid financial difficulties. This lays off follows similar cuts at another AI company, Turnitin. Inscribe’s board recommended the layoffs in response to the company’s failure to meet its revenue goals, which has been ongoing for over a year due to market fluctuations.
What’s Happening & Why This Matters
As a result, the San Francisco-based company has had to pivot its business model and product strategy to align with advances in AI and the changing financial services industry. This follows a recent increase in funding and a commitment to double its workforce.
In January 2023, Inscribe raised $25 million in Series B funding, signaling its promise to fight financial fraud with AI. This investment was aimed to support a significant expansion of its workforce over the coming year. After the recent layoffs, Inscribe is seeking to reposition its product strategy to adapt to recent industry shifts and technological advancements, with a major product launch planned in the near future.
t/f Summary: What’s Next
These changes are expected to enable new opportunities and improvements in the financial services ecosystem, such as enhanced customer experiences, more efficient processes, and fairer decisions. With the company’s plans to align with this vision, it will be interesting to see how this shift in strategy and staffing will unfold.