Jenesys AI, a leading innovator in B2B invoice management and payments, proudly announces a $1.1 million pre-seed funding round. Spearheaded by Nigerian co-founder Oluwatosin Dairo, Jenesys AI is set to redefine transactional accounting and compliance with AI technology, transitioning the human role from operator to validator.
Founded by Nicolai Thomson and Oluwatosin Dairo, Jenesys AI is a fusion of global expertise and local insights. Dairo’s journey from the streets of Ojota to the forefront of AI technology demonstrates the power of determination and innovation. His roots in Idanre, Ondo State, and education at the University of Ibadan reflect a deep connection to Nigeria, pivotal to Jenesys AI’s operations.
Jenesys AI operates from London and maintains a significant presence in Lagos, Nigeria, employing three senior developers with plans to double the team. The Nigerian workspace in Magodo Phase II, Lagos State, is a hub for collaboration and innovation when Dairo is in the country, emphasizing the company’s commitment to nurturing local talent and technology.
This investment, led by Twin Path Ventures and joined by Fuel Ventures, Antler, Hatcher+, and angels from the US, UK, and Nigeria, empowers Jenesys AI to expand its engineering, customer success, and global payment compliance capabilities. Including Nigerian expertise in the team highlights Jenesys AI’s unique approach to integrating AI into everyday financial workflows.
Ollie Purdue, Partner at Antler, comments, “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. 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.”
“Jack”, the AI co-pilot developed by Jenesys AI, is powered by their proprietary Accounting Language Model (ALM). Jack streamlines invoice management by maintaining budgets and completing the bookkeeping and compliance checks in under 30 seconds before making a domestic or global payment. This enables
businesses to overcome cashflow challenges and ensure faster international supply chain payments. This innovation resonates with the Nigerian market, where technological advancements are crucial for business efficiency.
Nicolai Thomson, CEO of Jenesys AI, emphasizes the ethical imperative of integrating AI into finance. “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”, Thomson states. Further highlighting Jenesys AI’s unique approach, he 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.”
Oluwatosin Dairo’s journey from veterinary medicine to AI and data science symbolizes the evolving landscape of Nigerian tech talent. His transition to AI was driven by a desire to solve real-world problems, making him a relatable role model for aspiring tech enthusiasts in Nigeria.
Acquiring VAT Key & ex-Pleo Executive joins Jenesys
Adding to its ten-strong team, Jenesys AI is thrilled to welcome Jonathan Bredo after acquiring his Andreessen Horowitz Scout-funded (“a16z”) digital TaxTech company, VAT Key, in a six-figure cash & equity deal subject to approval, adding the global venture firm to Jenesys’ cap table. VAT Key and its brand will receive an injection of capital to expand beyond its home market of Denmark, helping SMEs reclaim VAT for EU business travel outside their home market.
Formerly among the first 30 employees at Pleo, Bredo will join Jenesys AI as Strategy Manager, heading up payments and Compliance. Breo’s expertise and leadership at Pleo, a leading EU expense management platform, mirror his anticipated role at Jenesys AI. This significant recruitment underscores Jenesys AI’s commitment to global competitiveness and strategic growth in the fintech space within the next 12 months.