Written by Minna Wollocombe
Innovative integration of generative AI Technology to improve transactional accounting performance and global B2B payments and compliance, shifting the human from operator to validator. Jenesys’ mission is to help businesses overcome cashflow worries by enabling instant reconciliation so global supply chain payments are faster than card payments.
Jenesys AI, a pioneering force in B2B invoice management and payments, announces raising $1.1 million in a highly competitive pre-seed funding round. The 12-month-old startup’s valuation is unknown due to a $500k extension being negotiated with further investors.
This investment propels the company's cutting-edge software, which reimagines the role of AI in back-office financial operations within the $580bn global accounting market. The funding round was led by veteran AI investors Nick Slater and John Spindler at London’s Twin Path Ventures, with participation from Fuel Ventures, Antler, Hatcher+ in Singapore, and seasoned angel investors from the US and UK. The fresh capital will be deployed to engineering, customer success and expanding global payment compliance.
Nick Slater, Partner at Twin Path Ventures, an early-stage AI fund, comments “With the current explosion in AI capabilities, we believe Jenesys is well placed to take advantage. The team passed extensive technical due diligence to prove their use of cutting edge AI, integrating it directly into everyday workflows to allow for seamless productivity gains. We are very excited about what they can achieve.”
“We are hugely excited to join Jenesys on their journey towards transforming the FinOps space with their leading-edge technology. Nicolai and Tosin are two impressive founders who have assembled a fantastic team of executors. We’re confident they can go and win in this market,” said Mark Pearson, Managing Partner, Fuel Ventures.
What is Jenesys AI?
Established in November 2022, Jenesys AI focuses on elevating the role of bookkeepers and accountants with an AI co-pilot called “Jack”. By shifting human accountants to supervisory positions, Jenesys AI's technology minimises errors and inconsistencies in transaction reconciliation, compliance and payments. The company stresses they don’t sell a tool but a service, completing 90% of bookkeeping and compliance tasks and, when used, helping approvers improve budget performance by 20-25%. Jenesys’ mission is to help businesses overcome cashflow worries by enabling instant reconciliation so supply chain payments are faster than card payments.
Who is behind it?
Founded by Nicolai Thomson and Tosin Dairo during Antler's founder residency, Jenesys AI combines Thomson's enterprise and financial management acumen with Dairo's AI and computer science expertise. This synergy has led to a platform that addresses critical inefficiencies in financial management, garnering a waitlist of over 3,000 clients from a dozen UK Accounting Practices.
Ollie Purdue, Partner at Antler, comments, “AI is the single biggest growth opportunity in the world, and Jenesys is applying genuine innovation in this space to transform invoice and cash flow management. Today’s funding and acquisition announcement is a testament to their future potential. This ambitious and highly skilled founding team builds world-class technology that addresses an urgent market demand. We are proud to have backed Nicolai and Tosin from day zero and to continue backing them as they grow.”
Acquiring VAT Key & ex-Pleo Executive joins Jenesys
Adding to its ten-strong team, Jenesys AI is thrilled to welcome Jonathan Bredo after acquiring his Andreessen Horowitz Scout-funded (“a16z”) digital TaxTech company, VAT Key, in a six-figure cash & equity deal subject to approval, adding the global venture firm to Jenesys’ cap table. VAT Key and its brand will receive an injection of capital to expand beyond its home market of Denmark, helping SMEs reclaim VAT for EU business travel outside their home market.
Formerly among the first 30 employees at Pleo, Bredo will join Jenesys AI as Strategy Manager, heading up payments and Compliance. Breo’s expertise and leadership at Pleo, a leading EU expense management platform, mirror his anticipated role at Jenesys AI. This significant recruitment underscores Jenesys AI's commitment to global competitiveness and strategic growth in the fintech space within the next 12 months.
Why is Jenesys AI unique?
The highlight of their innovation is "Jack", an AI co-pilot powered by their proprietary Accounting Language Model (ALM). Jack will update budgets and complete the bookkeeping reconciliation, fraud, and compliance check in under 30 seconds before making a domestic or global payment, effectively operating from bookkeeper to internal auditor to ensure adherence to accounting policy and international financial regulations.
Nicolai Thomson, CEO of Jenesys AI, emphasises the ethical imperative of integrating AI into finance. "These regulated tasks can’t not be done, so 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 states. Further highlighting Jenesys AI's unique approach, he adds: "Our software is designed for all employees, not just finance professionals. Jack starts working when an employee requests to spend company money via Slack or Teams, allowing Jack to take over most data entry and operational tasks, enabling accountants to focus on validation and analytical work.”
Tosin Dairo, drawing parallels with ChatGPT, notes his transition from Veterinary Surgery to AI. "The challenges in financial operations are ripe for AI intervention. We're set to revolutionise an age-old profession," Dairo adds. Angel investor Michael Corcione, Cybersecurity Partner at PKF Advisory, underscores Jack's role in fraud prevention and compliance, praising its proactive capabilities.
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