In the bustling landscape of GenAI fintech startups reshaping the financial sector, London-based Jenesys AI emerges as a trailblazer, securing a noteworthy $1.1 million in a pre-seed funding round. This infusion of capital, led by seasoned AI investors Nick Slater and John Spindler of Twin Path Ventures, along with support from Fuel Ventures, Antler, Hatcher+, and strategic angel investors, propels Jenesys AI towards its mission of enhancing transactional accounting, global B2B payments, and compliance processes.
Founded in late 2022 by Nicolai Thomson and Tosin Dairo, Jenesys AI introduces 'Jack,' a conversational AI designed to revolutionize how finance teams operate. Imagine 'Jack' as the AI co-pilot for financial tasks, seamlessly integrating with platforms like Slack and Teams to streamline low-value transactional finance operations. Beyond mere assistance, 'Jack' employs state-of-the-art transcription technology for optimal productivity, marking a significant leap in cashflow management.
Nicolai Thomson, CEO & co-founder of Jenesys AI, shares the vision behind their venture. Motivated by the sluggishness of financial processes and armed with their expertise in cybersecurity and AI, Nicolai and Tosin identified the need for improvement. The result? Jenesys AI, committed to integrating AI into financial operations beyond conventional data analysis. Nicolai emphasizes the pivotal role of 'Jack,' stating, "The AI bookkeeper, Jack, automates 90% of traditional bookkeeping tasks."
Jenesys AI's technology isn't just about automation; it's about elevating the role of bookkeepers and accountants. By deploying 'Jack' and its proprietary Accounting Language Model (ALM), Jenesys AI transforms human accountants into supervisors, reducing errors and inconsistencies in transaction reconciliation, compliance, and payments. Jack's capabilities include updating budgets, completing bookkeeping reconciliation, fraud checks, and compliance verification in under 30 seconds before executing payments.
In a conversation with TFN, Nicolai Thomson reflects on Jenesys AI's journey and the genesis of 'Jack.' Their commitment to a password-free approach, utilizing WhatsApp/Slack for receipt submissions, sets them apart. While currently focused on small UK businesses due to compliance constraints, Jenesys AI plans to unveil a more versatile payment solution by March 2024, promising further innovation and adaptability.
Jenesys AI's $1.1 million funding milestone signifies a pivotal moment in the evolution of AI-driven financial solutions. With 'Jack' at the helm, Jenesys AI seeks to redefine the landscape of B2B payments, offering not just automation but a transformative shift in how businesses manage their finances globally. As Jenesys AI charts its course, the financial tech community eagerly anticipates the broader impact of 'Jack' and the innovative strides this London-based startup is poised to make.