Nigeria’s Jenesys AI secures $1.1 million pre-seed funding to boost global B2B payments

Jenesys AI, a leading tech innovator in B2B invoice management and payments, has announced a pre-seed funding round of USD 1.1 million. This funding, spearheaded by Twin Path Ventures and supported by Fuel Ventures, Antler, and Hatcher+, along with angels from the US, UK, and Nigeria, aims to help Jenesys AI expand its engineering, customer success, and global payment compliance capabilities.

The company, based in London and with a substantial presence in Lagos, Nigeria, has currently employed three senior developers and has plans to double its team.

The AI co-pilot “Jack,” developed by Jenesys AI, operates on their proprietary Accounting Language Model (ALM). Jack efficiently streamlines invoice management processes by maintaining budgets and conducting bookkeeping and compliance checks in under 30 seconds before executing domestic or global payments. This functionality is designed to empower businesses in overcoming cashflow challenges and ensuring expedited international supply chain payments.

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Jenesys’ Accounting Large Model (ALM) powers Jack Co-Pilot

Jenesys has adapted the concept of the Large Language Model, the technology underlying generative AI tools like ChatGPT and Google Bard, to develop its unique ‘Accounting Language Model (ALM).’ This model powers the Jack co-pilot.

CEO Nicolai Thomson mentions that Jack underwent over 4,500 hours of training using 220,000 practice invoices and receipts. Some of this data is sourced from Jenesys’ acquisition of Danish tax tech company VAT Key, providing pan-EU documentation for training. The VAT Key acquisition positions Jenesys to overcome payment compliance issues and facilitate global payments at competitive rates comparable to Wise and Revolut.

As reported by accountingWEB, Thomson explained that While ChatGPT struggles with tasks like picking Xero account codes or calculating VAT, Jack excels. Trained specifically for accounting regulations, it seamlessly handles these complexities with data points meticulously annotated by a team. He continued that Jack’s capabilities, stored in long-term memory, ensure accuracy without hitting character or time constraints.

Jenesys is in development; accounting professionals can express interest on the company’s practice page and join a waiting list. A demonstration of Jack’s AI ALM data extraction and approval capabilities is available here.

Founding and funding milestones: Jenesys’ journey into AI accounting excellence

Founded in November 2022 by Nicolai Thomson and Tosin Dairo, Jenesys made its mark at accounting trade shows in 2023. The company forged partnerships with UK accounting firms for the initial testing of its Jack co-pilot. A $1.1m pre-seed funding round, led by AI investors Nick Slater and John Spindler, along with global participation, will primarily fuel engineering, customer success, and the expansion of global payment compliance, as per the Jenesys release.

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