December 18, 2023

Jenesys AI’s Groundbreaking AI Financial Co-Pilot ‘Jack’ Draws $1.1M Investment

London-based fintech startup Jenesys AI has secured $1.1 million in a pre-seed funding round.

Founded in late 2022 by Nicolai Thomson and Dr Tosin Dairo, Jenesys elevates the role of bookkeepers and accountants with a conversational AI named “Jack”.

The investment round was led by Twin Path Ventures, with contributions from Fuel Ventures, Antler, Hatcher+ in Singapore, and seasoned angel investors from the US and UK.

Meet Jack: The conversational AI

Jenesys AI’s flagship product is “Jack,” a conversational AI designed to support finance teams.

Integrated with platforms like Slack and Teams, Jack specializes in low-value transactional finance tasks, boasting Speech-to-Text technology for enhanced productivity.

This AI co-pilot, powered by Jenesys AI’s proprietary Accounting Language Model (ALM), can update budgets, complete bookkeeping, perform fraud checks, and ensure compliance in under 30 seconds.

Nicolai Thomson, a serial entrepreneur with a background in cybersecurity and IT, and Tosin Dairo, with his expertise in applying AI to real-world problems, came together to create Jenesys AI.

“The challenges in financial operations are ripe for AI intervention,” noted Dairo, who transitioned from veterinary medicine to AI. “We’re set to revolutionize an age-old profession.” 

Funding and growth

The recent funding will be used to enhance Jenesys AI’s engineering and customer success efforts and to expand its capabilities in global payment compliance.

The startup’s approach has been praised for its app-less, password-free method, appealing to accountants and clients alike.

Jenesys AI also announced the acquisition of VAT Key, a Danish tax tech startup, for a six-figure sum. This acquisition brings Jonathan Bredo, VAT Key’s founder and a former Pleo employee, to Jenesys AI, strengthening its position in international payments and compliance.

“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,” Ollie Purdue, Partner at Antler, said in a press release.

“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.”

Article Tags : , ,
Samara Linton

Community Manager at POCIT | Co-editor of The Colour of Madness: Mental Health and Race in Technicolour (2022), and co-author of Diane Abbott: The Authorised Biography (2020)