Jenesys AI, a major player in B2B invoice management and payments, has announced the successful closure of a $1.1 million pre-seed funding round. Spearheaded by Nigerian co-founder Oluwatosin Dairo, Jenesys AI is poised to redefine transactional accounting and compliance through the incorporation of cutting-edge AI technology, shifting the human role from operator to validator.
Founded by Nicolai Thomson and Oluwatosin Dairo, Jenesys AI represents a fusion of global expertise and local insights. Dairo’s inspirational journey from the streets of Ojota to the forefront of AI technology underscores the power of determination and innovation. With roots in Idanre, Ondo State, and education at the University of Ibadan, Dairo’s profound connection to Nigeria serves as a cornerstone for Jenesys AI’s operations.
Operating from London with a significant presence in Lagos, Nigeria, Jenesys AI currently employs three senior developers, with plans to double the team. The company’s workspace in Magodo Phase II, Lagos State, serves as a hub for collaboration and innovation, emphasizing its commitment to nurturing local talent and technology.
This transformative investment, led by Twin Path Ventures and complemented by contributions from Fuel Ventures, Antler, Hatcher+, and angel investors from the US, UK, and Nigeria, positions Jenesys AI to expand its engineering, customer success, and global payment compliance capabilities. The inclusion of Nigerian expertise within the team reflects Jenesys AI’s unique strategy for seamlessly integrating AI into everyday financial workflows.
Ollie Purdue, Partner at Antler, notes, “AI is the single biggest growth opportunity in the world. 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.”
At the heart of Jenesys AI’s innovation is “Jack,” the AI co-pilot powered by their proprietary Accounting Language Model (ALM). Jack, operational in under 30 seconds, streamlines invoice management by overseeing budgets, completing bookkeeping, and conducting compliance checks before facilitating domestic or global payments. This groundbreaking approach addresses cash flow challenges and accelerates international supply chain payments, resonating with the Nigerian market’s demand for technological advancements to enhance business efficiency.
Nicolai Thomson, CEO of Jenesys AI, underscores the ethical imperative of integrating AI into finance, stating, “These regulated tasks can’t be done, so outsourcing tasks to low-cost labor isn’t just unsustainable; it’s a missed opportunity to leverage AI for efficiency and accuracy at a lower cost.”
Highlighting Jenesys AI’s distinctive approach, Thomson adds, “The software Oluwatosin designed is for all employees, not just finance professionals. Jack starts working when an employee requests to spend company money via Slack or WhatsApp, allowing Jack to take over most data entry and operational tasks, enabling accountants and business leaders to grow revenues more efficiently.”
In a strategic move, Jenesys AI expands its team by welcoming Jonathan Bredo following the acquisition of his digital TaxTech company, VAT Key. Bredo, formerly among the first 30 employees at Pleo, joins as Strategy Manager, overseeing payments and compliance. This acquisition adds global venture firm Andreessen Horowitz (“a16z”) to Jenesys’ cap table and underlines the company’s commitment to global competitiveness and strategic growth in the fintech space.
Jenesys AI’s remarkable journey, from securing substantial pre-seed funding to expanding its team and acquiring VAT Key, positions the company as a formidable player in revolutionizing B2B invoice management through AI-driven innovation. The strategic infusion of funds and talent ensures Jenesys AI’s continued trajectory toward pioneering advancements in financial workflows.
