Today: Jul 20, 2024

London-based Jenesys AI nabs €1M to merge AI and accounting

7 months ago
  • London-based fintech startup Jenesys AI raised €1 million in a highly sought after pre-seed funding round.
  • The funds will be used to advance the company’s engineering efforts, customer success and global payment compliance capabilities.
  • Jenesys AI is known for its innovative software which integrates AI into back-office financial operations.
  • The startup’s AI technology is designed to minimise errors and inconsistencies in transaction reconciliation, compliance and payments.

Jenesys AI, a London-based startup that helps accountants manage client bookkeeping, compliance and global payments, has successfully raised €1 million in an intensely competitive pre-seed round of funding. The company, which was founded only 12 months ago, has not yet disclosed its valuation as it is in negotiations for a $500k extension with further investors.

The funding round was spearheaded by Nick Slater and John Spindler at Twin Path Ventures, renowned investors in the AI space. Other participants included Fuel Ventures, Antler, and Hatcher+ in Singapore, along with a variety of experienced angel investors from the US and the UK.

This investment will give a significant boost to Jenesys’ pioneering software, which incorporates cutting-edge AI into back-office financial operations. This technological advancement positions the startup to claim a share of the $580 billion global accounting market.

Nick Slater, Partner at Twin Path Ventures, expressed his optimism for Jenesys’ growth. Recognising the recent surge in AI capabilities, Slater believes that Jenesys is ideally positioned to capitalise on this trend. He further commended the Jenesys team for successfully proving their use of leading-edge AI, enabling seamless productivity gains by integrating it directly into day-to-day workflows.

Mark Pearson, Managing Partner at Fuel Ventures spoke highly of Jenesys’ vision to transform the FinOps space with their advanced technology. He added that the startup has a highly effective team that he is confident can establish a strong market presence.

Jenesys AI has set its sights on elevating the role of bookkeepers and accountants. The company’s technology reduces errors and inconsistencies in transaction reconciliation, compliance and payments, enabling human accountants to take on supervisorial roles. A significant feature of Jenesys’ innovation is “Jack”, an AI co-pilot. Jack is designed to update budgets, carry out bookkeeping reconciliation, and conduct fraud and compliance checks. These capabilities eliminate the need for outsourcing tasks, resulting in increased efficiency and accuracy at a reduced cost.

Since being founded by Nicolai Thomson and Tosin Dairo during Antler’s founder residency, Jenesys AI has accumulated a waitlist of over 3,000 clients from a dozen UK Accounting Practices, demonstrating its substantial market potential.