The top tech company in B2B invoice management and payments, Jenesys AI, has announced that it will raise USD 1.1 million in pre-seed funding.
The money from Twin Path Ventures, Fuel Ventures, Antler, Hatcher+, and angel investors from the US, UK, and Nigeria will help Jenesys AI grow its tech, customer success, and global payment compliance skills.
The London-based company has a significant foothold in Lagos, Nigeria. It has hired three senior developers and wants to hire two more.
Jenesys AI’s co-pilot “Jack” uses their Accounting Language Model. Jack streamlines invoice management by tracking budgets and checking bookkeeping and compliance in under 30 seconds before domestic or worldwide payments. This feature helps organisations overcome liquidity issues and speed up international supply chain payments.
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Jack Co-Pilot uses Jenesys’ Accounting Large Model (ALM)
Jenesys’ “Accounting Language Model” is based on the Large Language Model, which powers ChatGPT and Google Bard. This model powers Jack’s co-pilot.
Jack had 4,500 hours of training using 220,000 practice invoices and receipts, according to CEO Nicolai Thomson. Jenesys acquired the Danish tax tech business for VAT Key to provide pan-EU training data. The VAT Key acquisition helps Jenesys overcome payment compliance difficulties and facilitate global payments at Wise and Revolut-like rates.
According to accountingWEB, Thomson said Jack thrives with Xero account codes and VAT calculations, whereas ChatGPT struggles. With team-annotated data points, it handles accounting regulations easily. He said Jack’s long-term memory ensures accuracy without character or time limits.
In development, accounting professionals can register interest on Jenesys’ practice page and join a waiting list. Here’s Jack’s AI ALM data extraction and approval demo.
Nicolai Thomson and Tosin Dairo started the company in November 2022. In 2023, it made a name for itself at accounting trade shows. For the first tests of its Jack co-pilot, the company teamed up with UK accounting businesses. Jenesys said in a release that a $1.1 million pre-seed funding round led by AI investors Nick Slater and John Spindler, with involvement from around the world, will primarily go towards engineering, customer success, and expanding global payment compliance.
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About co-founder
Nicolai is the CEO and co-founder of Jenesys AI. He has worked for over 20 years in various fields, such as telco, hacking, FinTech, and AI, helping small businesses, large corporations, and government agencies on two continents. In 2002, he helped start Taxiclub in the UK. It was a novel website that let people book taxis online.
Taxiclub did very well with a committed team, helping up to 6,000 cars until it was sold for a lot of money in 2005.
Nicolai is still dedicated to making innovations that matter and working with others in significant ways as he continues his journey.