Scope secures €17.3 million funding from Index Ventures to revolutionize industrial inspection processes

Scope Secures €17.2 Million in Funding to Revolutionize Inspections for the TIC Industry

Scope, an AI workflow platform based in London, has successfully raised €17.2 million ($20 million) in funding. The primary goal of this funding is to expand the London team and expedite the adoption of Scope among prominent inspection companies worldwide.

The funding round was spearheaded by Index Ventures, with contributions from Susa Ventures, Entrepreneurs First, and Syndicate 1. Noteworthy angel investors include Mehdi Ghissassi (Ai71, ex-DeepMind), Cedric Pech (MongoDB), Naren Shaam (Omio), and Andy Szybalski (Microsoft AI).

Jonathan Low, CEO of Scope, emphasized the importance of utilizing AI to enhance, rather than replace, human expertise in the testing, inspection, and certification (TIC) industry. He stated, “The TIC industry doesn’t need AI that replaces people; it needs to empower experts to work faster and smarter. Scope gives inspectors the context, workflows, and reporting support they need to spend more time in the field and less time chained to desks.”

Founded in 2024 by Low and Jakob Cassiman (CTO), Scope serves as an AI workflow platform designed specifically for heavy asset inspections. The company’s mission is to assist inspection teams in capturing field findings, accessing relevant context, automating administrative tasks, and generating reports within minutes.

Scope highlights the critical role inspections play in maintaining the operation of key industries and the global economy. Inspections contribute to ensuring safety, collecting industrial performance data, and supporting asset maintenance across various sectors such as aerospace and energy.

Despite the importance of inspections, Scope points out that the current process is inefficient, with inspectors relying on outdated methods like pen, paper, and clipboards. Reports are typically generated using obsolete software, resulting in a lengthy data analysis and report writing process.

Scope’s AI-powered workflows are revolutionizing industrial inspections by streamlining the process of data collection, recording, and reporting. This enhanced efficiency not only increases productivity but also allows inspectors to dedicate more time to making expert judgments in the field.

With Scope, inspections can be recorded using live audio, video, or notes, irrespective of conditions, while historical context can be swiftly retrieved. The platform automates form filling, organizes data, and generates reports based on inspection findings, reducing report production time by 10x and cutting error rates by 95%.

Scope addresses the staffing challenges faced by the TIC industry, noting that it takes up to ten years to qualify for certified roles and an average of 10 months to fill a vacant position. The company warns that this issue is expected to worsen, with 40% of key technicians set to retire in the next 5-10 years.

To combat this challenge, Scope aims to enhance the capacity of existing inspectors and accelerate the onboarding process for new inspectors. The platform provides agent-generated workflows that guide inspectors on-site, offering standardized industrial context and historical data at their fingertips.

Stephane Kurgan, Partner at Index Ventures, commended Scope’s CEO, stating, “Jonny knows the intricacies of the TIC industry inside out. He is spending an incredible amount of time in the field to understand inspection problems in a granular way, and feeds them back to the product team. It has allowed Scope to drive massive value to their AI inspection customers, and a 100% pilot conversion rate is a testament to this hard work.”

Following substantial growth, Scope has witnessed a 9x increase in ARR since its launch in July last year, maintaining a 100% pilot conversion rate. Inspectors from six of the top ten global inspection companies are already utilizing the platform.

Scope’s long-term vision is to transform every inspection into a data point within a live, queryable database of physical infrastructure, ultimately providing operators with continuous insights, predicting asset health, identifying risks early, and increasing the strategic value of each inspection.

Low reiterated the importance of proactive asset management, stating, “Heavy industrial assets are too critical to manage reactively. Our vision is to make physical asset information as accessible and actionable as digital information – so every site knows which assets are at risk, why, and can automatically trigger the actions needed to prevent downtime.”