Jenesys AI, a trailblazer in B2B invoice management and payments, has pulled in new funding in its $1.1 million pre-seed investment raise.
The 12-month-old startup’s valuation remains undisclosed, pending a $500k extension in negotiation with additional investors.
The funding is a major boost for the company’s innovative software, which is redefining AI’s role in financial back-office operations in the global $580bn accounting market. The investment round was spearheaded by AI investment experts Nick Slater and John Spindler of London’s Twin Path Ventures.
Other contributors include Fuel Ventures, Antler, Hatcher+ in Singapore, and experienced angel investors from the US and UK. The new capital injection will be used for engineering, customer success, and expanding global payment compliance.
Jenesys AI is focused on enhancing the roles of bookkeepers and accountants with its AI co-pilot, “Jack”. This technology shifts human accountants to supervisory roles, reducing errors in transaction reconciliation, compliance, and payments.
The company prides itself not just on selling a tool, but a service that completes 90% of bookkeeping and compliance tasks. Jenesys AI’s mission is to enable faster supply chain payments than traditional methods, thus alleviating cash flow concerns for businesses.
The startup was founded by Nicolai Thomson and Tosin Dairo during Antler’s founder residency. The founders bring together Thomson’s expertise in enterprise and financial management with Dairo’s AI and computer science knowledge. Their platform addresses significant inefficiencies in financial management, attracting over 3,000 clients from UK Accounting Practices.
Notably, Jenesys AI recently acquired VAT Key, a digital TaxTech company funded by Andreessen Horowitz Scout, in a six-figure deal. This acquisition brings Jonathan Bredo, ex-Pleo executive, into the Jenesys AI team as Strategy Manager. Bredo’s addition underlines the company’s commitment to global competitiveness and strategic growth.
Nicolai Thomson, CEO of Jenesys AI, highlights the ethical importance of integrating AI into finance. “Outsourcing tasks to low-cost labour isn’t just unsustainable; it’s a missed opportunity to leverage AI for efficiency and accuracy at a lower cost,” Thomson remarked. Tosin Dairo, drawing parallels with advancements like ChatGPT, shared his journey from Veterinary Surgery to AI, emphasizing the ripe opportunities for AI in financial operations.
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