Inscribe, which automates the identification of fraudulent documents, has scored $3m in its seed round of funding.
The capital was injected into Inscribe following its graduation from Y Combinator. Crosslink Capital and Uncork Capital served as the lead investors to the seed round, with SV Angel, Liquid 2 Ventures, Quiet Capital, and Friále also participating.
Angel investors Marc McCabe and Brad Flora also contributed to the funds.
San Francisco-based Inscribe uses image forensics and machine learning technology to validate the legitimacy of documents. Delivered via an API and web platform, the solution offers document forensics which checks fonts, colours, and shapes to identify any hints of fraud stemmed from photo-editing or PDF editing software.
The solution is also able to cross-check names, transaction amounts, and addresses between different documents to see if they match, such as bank statements and pay stubs. Finally, Inscribe checks public and private databases for blacklisted names, addresses, phone numbers and transaction amounts which have been used previously in fraudulent applications.
Following the close of the round, Inscribe will look to fuel customer growth and expand its Dublin-based engineering team.
Inscribe co-founder and CEO Ronan Burke said, “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.
“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.”
Prior to this round, Inscribe pulled in $170,000 from Y Combinator and Acceleprise.
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