Today: Apr 23, 2024

Jenesys AI scores $1.1m for revolutionary B2B accounting innovation.

4 months ago
  • AI startup Jenesys AI has garnered $1.1m in a pre-seed funding round to bolster its B2B invoice management and payments solution.
  • The company’s software is revolutionizing AI’s role in financial back-office operations, particularly in the $580bn accounting market.
  • Jenesys AI recently purchased VAT Key, a digital TaxTech company, in a six-figure deal, bringing on ex-Pleo executive Jonathan Bredo as Strategy Manager.
  • The investment will enhance the roles of bookkeepers and accountants with AI tools, expedite supply chain payments, and extend the company’s global payment compliance.

Jenesys AI, a trailblazer specializing in B2B invoice management and payments, successfully secured $1.1 million in its pre-seed funding round. The company’s innovative software is disrupting the status quo by integrating AI into financial back-office operations, especially in the massive $580bn accounting sector. AI investors Nick Slater and John Spindler at London’s Twin Path Ventures led the funding round, with contributions from Fuel Ventures, Antler, Singapore’s Hatcher+, and angel investors from the US and UK.

These funds will be directed towards engineering, enhancing customer success, and broadening the company’s global payment compliance. Jenesys AI’s software tool, “Jack”, is an AI co-pilot aimed at elevating the roles of bookkeepers and accountants. With Jack’s assistance, human accountants can assume supervisory roles, greatly minimizing errors in payments, transaction reconciliation, and compliance.

Nicolai Thomson and Tosin Dairo cofounded Jenesys AI during their residence at Antler. Combining Thomson’s expertise in enterprise and financial management and Dairo’s proficiency in AI and computer science, the duo established a powerful platform addressing major inefficiencies in financial management. This ingenuity has attracted over 3,000 clients from UK Accounting Practices.

Meanwhile, Jenesys AI recently added VAT Key, a digital TaxTech company funded by Andreessen Horowitz Scout, to its portfolio in a six-figure deal. As a part of the acquisition, Jonathan Bredo, an ex-Pleo executive, has joined the Jenesys AI team as Strategy Manager, reinforcing the company’s commitment to international competitiveness and strategic growth.

CEO Nicolai Thomson stressed the ethical significance of integrating AI into finance, pointing out how leveraging AI can enhance efficiency and accuracy while decreasing cost. Tosin Dairo substantiated the enormity of potential present in integrating AI into financial operations, drawing parallels with advancements like ChatGPT in his journey from Veterinary Surgery to AI.