, Leading AI Fraud Detection Software Company, Forced to Cut 40% of Staff

Eve Harrison

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.

Inscribe Introduces Risk Intelligence to Help Companies Build Digital  Trust, Addresses Demand from Financial Services Industry

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.

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By Eve Harrison “TF Gadget Guru”
Eve Harrison is a staff writer for TechFyle's TF Sources. With a background in consumer technology and digital marketing, Eve brings a unique perspective that balances technical expertise with user experience. She holds a degree in Information Technology and has spent several years working in digital marketing roles, focusing on tech products and services. Her experience gives her insights into consumer trends and the practical usability of tech gadgets.
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