Jenesys AI secures $1.1M funding, expands financial management platform
Jenesys, a London-based company that specializes in B2B invoice management and payments, recently secured $1.1M in Pre-Seed funding. The funding round was led by Nick Slater and John Spindler at London’s Twin Path Ventures, with participation from Fuel Ventures, Antler, Hatcher+ in Singapore, and angel investors from the US and UK. With this investment, Jenesys plans to expand its engineering, customer success, and global payment compliance efforts. Founded by Nicolai Thomson and Tosin Dairo, Jenesys AI combines enterprise and financial management expertise with AI and computer science to address inefficiencies in financial management. The company's platform, powered by an AI co-pilot called "Jack," aims to minimize errors and inconsistencies in transaction reconciliation, compliance, and payments by shifting human accountants to supervisory positions.
In addition to its current team of ten, Jenesys AI has welcomed Jonathan Bredo aboard after acquiring his digital TaxTech company, VAT Key, in an undisclosed cash and equity deal.
VAT Key, funded by Andreessen Horowitz Scout ("a16z"), will receive a capital injection to expand beyond its home market of Denmark. This expansion will help small and medium-sized enterprises reclaim VAT for EU business travel outside their home market. Jonathan Bredo, formerly one of the first 30 employees at Pleo, will join Jenesys AI as Strategy Manager, overseeing payments and compliance.
The partnership with VAT Key and the addition of Jonathan Bredo further strengthen Jenesys AI's position in the market. By combining their expertise in financial management and AI technology, Jenesys AI aims to transform the role of bookkeepers and accountants. Their platform streamlines financial processes, reduces errors, and enhances compliance. With the latest round of funding and talented individuals joining the team, Jenesys AI is well-positioned to expand its reach and continue providing innovative solutions in the B2B invoice management and payments space.
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