Jenesys AI Revolutionizes Global B2B Payments with a Massive $1.1 Million Pre-Seed Boost

“Jenesys AI Secures Whopping $1.1M Pre-Seed Funding to Revolutionize Global B2B Payments”

Jenesys AI, a trailblazer in B2B invoice management and payments, has announced an impressive pre-seed funding round of $1.1 million. Spearheaded by Twin Path Ventures and backed by Fuel Ventures, Antler, and Hatcher+, with support from angel investors in the US, UK, and Nigeria, this funding is set to propel Jenesys AI into a new phase of growth.

The London-based company, with a significant presence in Lagos, Nigeria, is set to double its team, currently employing three senior developers. The highlight of their innovative approach is the AI co-pilot “Jack,” developed on their proprietary Accounting Language Model (ALM). Jack streamlines invoice management processes, conducting bookkeeping and compliance checks in under 30 seconds before executing payments, both domestically and globally.

Jenesys’ ALM, inspired by Large Language Models like ChatGPT and Google Bard, powers Jack co-pilot. CEO Nicolai Thomson explains that Jack underwent extensive training, with over 4,500 hours of practice using 220,000 invoices and receipts. The acquisition of Danish tax tech company VAT Key enhances Jenesys’ capabilities in overcoming payment compliance challenges and facilitating global payments at competitive rates.

Thomson notes the distinction between ChatGPT and Jack, emphasizing Jack’s proficiency in tasks like picking Xero account codes and calculating VAT, thanks to its specialized training in accounting regulations. The company is currently in development, and accounting professionals can express interest on the company’s practice page, joining a waiting list. A demonstration of Jack’s AI ALM data extraction and approval capabilities is also available.

Founded in November 2022 by Nicolai Thomson and Tosin Dairo, Jenesys has quickly made a mark in the industry. The $1.1 million pre-seed funding round, led by AI investors Nick Slater and John Spindler, marks a significant milestone in the company’s journey, fueling advancements in engineering, customer success, and global payment compliance.

Source: Technext