Jenesys AI, a startup that helps accountants manage client bookkeeping, compliance and global payments, announced the raising of €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.
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.
This investment propels the company’s cutting-edge software, which reimagines the role of AI in back-office financial operations within the $580 billion global accounting market. 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.
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.
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, commented: “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.”
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, added: “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.”
Read the orginal article: https://www.eu-startups.com/2023/12/london-based-jenesys-ai-secures-e1-million-pre-seed-to-integrate-generative-ai-to-transactional-accounting/
