Jenesys AI, a trailblazing innovator in B2B invoice management and payments, has announced the successful closure of a $1.1 million pre-seed funding round.
Spearheaded by co-founder Oluwatosin Dairo, a Nigerian tech visionary, Jenesys AI is poised to revolutionize transactional accounting and compliance through cutting-edge AI technology, redefining traditional roles from operator to validator.
Nicolai Thomson and Oluwatosin Dairo, the pioneering minds behind Jenesys AI, merge global expertise with local insights. Dairo’s transformative journey from the streets of Ojota to the forefront of AI technology exemplifies the potency of determination and innovation. Grounded in Idanre, Ondo State, and educated at the University of Ibadan, Dairo’s profound ties to Nigeria serve as a cornerstone for Jenesys AI’s operations.
Operating from London with a significant presence in Lagos, Nigeria, Jenesys AI is bolstering its team, currently employing three senior developers with imminent plans for doubling its workforce. The Nigerian hub in Magodo Phase II, Lagos State, serves as a center for collaboration and innovation, underscoring the company’s commitment to nurturing local talent and advancing technology.
The recent investment, led by Twin Path Ventures and joined by Fuel Ventures, Antler, Hatcher+, along with angel investors from the US, UK, and Nigeria, empowers Jenesys AI to fortify its engineering prowess, enhance customer success initiatives, and augment global payment compliance capabilities. Integrating Nigerian expertise into the team exemplifies Jenesys AI’s distinctive approach to infusing AI into daily financial workflows.
Ollie Purdue, Partner at Antler, comments, “AI presents unparalleled growth opportunities globally. Jenesys demonstrates genuine innovation in revolutionizing invoice and cash flow management. Today’s funding and acquisition announcement testify to their immense future potential. This ambitious and highly skilled founding team crafts cutting-edge technology that meets an urgent market demand. We take pride in our support for Nicolai and Tosin from their inception and continue to endorse their growth.”
“Jack,” Jenesys AI’s AI co-pilot, powered by their proprietary Accounting Language Model (ALM), streamlines invoice management by executing budget maintenance, bookkeeping, and compliance checks within 30 seconds before facilitating domestic or global payments. This innovation addresses cash flow challenges, ensuring expeditious international supply chain payments, aligning perfectly with Nigeria’s imperative for technological advancements to enhance business efficiency.
Nicolai Thomson, CEO of Jenesys AI, emphasizes the ethical obligation of integrating AI into finance. “Outsourcing regulated tasks to low-cost labor isn’t just unsustainable; it’s an overlooked opportunity to leverage AI for efficiency and accuracy at a reduced cost,” Thomson states. Highlighting Jenesys AI’s unique approach, he adds, “Oluwatosin’s designed software caters to all employees, not solely finance professionals. Jack springs into action when an employee requests company expenditure via Slack or WhatsApp, easing data entry and operational tasks, empowering accountants and business leaders to drive revenue growth more efficiently.”
Oluwatosin Dairo’s transition from veterinary medicine to AI and data science epitomizes the evolving landscape of Nigerian tech talent. His shift to AI stemmed from a fervor for solving real-world problems, positioning him as an inspirational figure for burgeoning tech enthusiasts in Nigeria.
Expanding its talented team, Jenesys AI proudly welcomes Jonathan Bredo following the acquisition of his Andreessen Horowitz Scout-funded (“a16z”) TaxTech company, VAT Key, in a cash & equity deal subject to approval, heralding the global venture firm’s integration into Jenesys’ cap table. The infusion of capital into VAT Key facilitates its expansion beyond Denmark, aiding SMEs in reclaiming VAT for EU business travel outside their home markets.
About Jenesys AI:
Jenesys AI is a pioneering force in B2B invoice management and payments, leveraging cutting-edge AI technology to redefine transactional accounting and compliance. Co-founded by Nicolai Thomson and Oluwatosin Dairo, the company amalgamates global expertise with local insights, empowering businesses to streamline financial workflows with efficiency and precision.
