“We would like to lay a foundation for the creation of Artificial General Intelligence and smash the current oligopolistic system of a few large companies basically owning all the AI.”
Archil Cheishvili
CEO @ GenesisAI
Introduction
Deal Highlights
- Harvard founders with work experience at Google and Bridgewater Associates.
- Globally recognized investors and advisors with multi-billion-dollar exits, including former Dean of MIT Engineering and Harvard/MIT professors.
- The market for AI services is estimated to reach $5.5 trillion by 2027.
- If we achieve our vision, we believe GenesisAI has the potential to become one of the most valuable technologies of all time.
- A global AI network that just works.
Founders
Archil Cheishvili
CEO & Business Development
Economics, Harvard University. Previous experience at Bridgewater Associates. Serial entrepreneur. Recognized by media outlets including the New York Post, Forbes, and Yahoo Finance.
David Fan
Engineering & Product
Computer Science, Harvard University. Senior Software Engineer work experience at Google.
Mina Pascalito Nassif
Engineering & Product
PhD in Applied Physics, MS in Computational Science and Engineering both from Harvard John A. Paulson School of Engineering and Applied Sciences. Published multiple scientific papers and raised over $1 million in research grants.
Recommendations
“GenesisAI is fighting back against AI oligopolies by creating the first, open access, marketplace of AI that does not exclude or discriminate against anyone. Its benefits will be shared by all.”
Neil Flanzraich
Investor in GenesisAI. Lead Independent Director of Chipotle. Former President of Ivax Corporation (acq. by Teva for $10B). Executive Committee Member of Syntex Corporation (sold to Roche Holdings for $5.3 B).
Problem
When we were developing Palatine Analytics (a startup selling AI-powered employee performance monitoring systems), we learned that AI development is hindered by two fundamental problems:
- AI development is expensive
- Independent AI developers can neither monetize nor share their code.
Today, there are only around 10,000 AI developers in the world. 99% of companies cannot afford to hire their own team of AI engineers to create in-house AIs, nor do they have enough technical capabilities to correctly determine from which open-source APIs to grab existing AI code.
Astoundingly, there is no way for AIs to exchange data, learn from each other, leverage their capabilities, and trade services— let alone judge the quality of AIs (there is no reputation system). AIs are operating in a closed environment.
Solution
So we built GenesisAI.
GenesisAI is a Machine Learning protocol. On top of this protocol, we are building a marketplace for AI products and services - an Amazon for AI services. The marketplace, which includes a built-in reputation system, connects companies in need of AI services, data, and models with companies interested in monetizing their AI tech. Initially, GenesisAI is focused on asset management space.
Market
We have a beta product and have agreements with over 20 AI supply-side firms who wish to place their product on our marketplace and demand-side firms who wish to purchase products on our marketplace.
Why Invest?
All in all, if you believe in supporting our mission, join us and help us enable anyone in the world to access AI.
- Large corporations will no longer be the only entities able to develop and utilize AI. We believe in making AI accessible: “for the people, by the people.”
- By linking AI services with each other and increasing the supply of AI services, GenesisAI provides a web platform that offers low-cost AI services. This makes AI technology more efficient and affordable for businesses.
- Our technology enables different AIs to communicate with each other, exchange data and trade services. Anyone can develop and purchase AI services.
Invest to help us further develop our promising technology. The time is now.
FAQs
What does your company do?
We allow you to buy that top-of-the-line natural language processing technology that your company always wanted rather than building it yourself. You don't need a team of AI experts to use AI to your advantage -- just buy the software on our marketplace. We provide an efficiency boost to the market as a whole by making AI accessible and usable for numerous various-sized businesses.
Where will your company be in 5 years?
We hope to abstract beyond the technical expertise needed to implement AI and allow companies with no technical knowledge to tap into the benefits of this wonderful technology. Our goal is to get rid of an oligopolistic system where a few large tech companies hold a strong majority of the AI industry, and we hope to be significantly closer to this vision in five years.
Why did you choose this idea?
We would like to lay a foundation for the creation of Artificial General Intelligence and smash the current oligopolistic system of a few large companies basically owning all the AI.
How do you make money?
We will provide the protocol that allows people to make transactions on the platform, and we plan to take a small percentage of the transaction value. Our revenue forecasts are based on a transaction fee of 30%, which is likely to be the final value we will charge. This charge is very low if we compare it with how much money you would spend in marketing to get the same transaction volume you are getting on GenesisAI.
Can you make an example of AI interoperability (when you say that simple AI services can be combined to perform more complex services?
Say Node A (a hotel) pays Node B to get a summary of customer behavior depending on different variables and recommendations to increase the customer base. Node B can pay Node C for a service that uses pattern recognition to recognize the hotel's customer behavior and customer pain points. After receiving the output from Node C, Node B can use the input from Node C to come up with promotions that address the main pain points.
How do you solve privacy issue (companies not wanting to send sensitive data)?
Data will be encrypted in a way that machine learning code developers can still use it to train their codes without accessing sensitive information. No sensitive information will be shared with developers.
How will you use the capital you raise?
Our top priority is to build a robust technology. The team plans to scale the platform as we expect the number of customers to quickly rise, requiring us to invest in scalable IT infrastructure. Our second priority is dealing with sales & marketing and spending all the resources that are necessary to find the best AI services, data providers, and clients.
When do you expect to generate revenues?
Right now, we are not trying to generate revenue, but we are quickly reaching our monthly product development goals to build something that works and gets people to believe in the platform. We are doing a great job in generating pre-registrations for companies that believe in our platform and will join at the time of the launch. Our detailed revenue forecast until 2025 can be found in our slide deck (attached), though projections are not guaranteed.
What is Artificial Intelligence?
In simple words, Artificial Intelligence is an area of computer science that tries to simulate human behavior in a machine. This concept is revolutionary because it starts from the assumption that a well-functioning AI code won’t need any human direction. For example, if we run a big amount of online data to generate a market research on a particular industry, we won’t have to tell the code which trends to analyze, but the code will recognize the trends for us.
What problem does GenesisAI solve?
There is no communication between AIs; there is no way for AIs to exchange data, trade services, learn from each other, or expand their own capabilities. We match unused resources (in-house developed AIs and open-source Github AI code) with companies in need of these resources. The connector of these two parties will unlock trillions of dollars in market value.
Why your team is uniquely qualified to solve this problem?
Our team has the right mix of what it takes to solve this problem:
Founders – studied computer science and economics at Harvard, and long work experience in the AI industry and in companies like Google and Bridgewater.
Advisors – 2 multi-billion-dollar exits, former Dean of MIT Engineering, $310M exit, MIT AI/ML professor, 2 Harvard computer science professors, 2 Harvard Business School professors
Founders – studied computer science and economics at Harvard, and long work experience in the AI industry and in companies like Google and Bridgewater.
Advisors – 2 multi-billion-dollar exits, former Dean of MIT Engineering, $310M exit, MIT AI/ML professor, 2 Harvard computer science professors, 2 Harvard Business School professors
What is the difference between AI and beneficial Artificial General Intelligence (AGI)?
Artificial General Intelligence is the final goal of everyone that works in the AI space. Narrow Artificial Intelligence is a code that performs a certain task, like image or speech recognition, which are two tasks typical of the human brain. AGI would come from the combination of all these narrow tasks, with the ultimate goal of creating a mastermind (the AGI) that is able to perform any task that our brain is able to perform (and more).
Why would companies not buy services directly from sellers’ website? Why do they need us?
By using our services, we expect companies will have access to a number of services that are currently out of their reach for network reasons, geographic reasons, or other reasons. When they access the marketplace, they can search for the service they want, and our system is designed to couple them with some existing provider, similar to how Uber matches drivers and riders. This system prevents companies from skipping us, because we plan to couple them with the service provider, and we anticipate they will rely on our platform to evaluate service quality and choose the most appropriate service from a numerous set of services.
How do you guarantee liquidity to equity investors?
We anticipate our first years of operations will focus on organic growth, revenue stabilization, and achieving breakeven. When these goals are achieved, we hope to start thinking about liquidity events that may be able to give investors the opportunity, if they want, to generate sizable returns (but cannot guarantee that).
Use of Proceeds
If the offering's maximum Reg CF allocation of $1,393,414 is raised:
| Use | Value | % of Proceeds |
|---|---|---|
| Payroll | $766,424 | 55.0% |
| Sales and Marketing | $461,174 | 33.1% |
| Legal | $74,315 | 5.3% |
| Accounting | $23,224 | 1.7% |
| Intermediary fees | $68,277 | 4.9% |
If the offering's maximum amount of $2,499,998 across Reg. CF and Reg. D is raised:
| Use | Value | % of Proceeds |
|---|---|---|
| Payroll | $1,375,082 | 55.0% |
| Sales and Marketing | $827,417 | 33.1% |
| Legal | $133,334 | 5.3% |
| Accounting | $41,665 | 1.7% |
| Intermediary fees | $122,500 | 4.9% |
Terms
This is a side-by-side offering of Common Stock, under registration exemptions 4(a)(6) and 506(c), in GenesisAI Corporation. Up to $444,608.71 may be raised under the 4(a)(6) exemption. Netcapital will determine which exemption applies to your investment and notify you before you complete your investment. For any 506(c) investment that is less than $5,000, the Company has agreed to pay a processing fee of $245 in lieu of the 4.9% intermediary fee.
The amount raised under the two exemptions must total at least $10,000 by March 23, 2021 at 12:59am ET. If the total doesn’t reach its target, then your money will be refunded. GenesisAI may issue additional securities to raise up to $2,499,998, the offering’s maximum.
$10,000 minimum
$1,314,075 raised
If the side-by-side offering is successful at raising the maximum amount, then the company’s implied valuation after the offering (sometimes called its post-money valuation) will be:
5,236,620 shares
×
$3.11 per share
$16,285,888implied valuation
Pitch Deck
Financials
These financial statements have been audited by an independent Certified Public Accountant.
SEC Filings
The Offering Statement is a formal description of the company and this transaction. It’s filed with the SEC to comply with the requirements of exemptions 4(a)(6) and 506(c) of the Securities Act of 1933. Similar information is sometimes offered in a Private Placement Memorandum for 506(c) offerings.
We’re also required to share links to each of the SEC filings related to this side-by-side offering with investors.
Understand the Risks
Be sure to understand the risks of this type of investment. No regulatory body (not the SEC, not any state regulator) has passed upon the merits of or given its approval to the securities, the terms of the offering, or the accuracy or completeness of any offering materials or information posted herein. That’s typical for Regulation CF offerings like this one.
Neither Netcapital nor any of its directors, officers, employees, representatives, affiliates, or agents shall have any liability whatsoever arising from any error or incompleteness of fact or opinion in, or lack of care in the preparation or publication of, the materials and communication herein or the terms or valuation of any securities offering.
The information contained herein includes forward-looking statements. These statements relate to future events or to future financial performance, and involve known and unknown risks, uncertainties, and other factors, that may cause actual results to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties, and other factors, which are, in some cases, beyond the company’s control and which could, and likely will, materially affect actual results, levels of activity, performance, or achievements. Any forward-looking statement reflects the current views with respect to future events and is subject to these and other risks, uncertainties, and assumptions relating to operations, results of operations, growth strategy, and liquidity. No obligation exists to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
More Info
Updates
- Apr 19, 2021GenesisAI's CEO speaking at Investor Connect...
- Apr 12, 2021GenesisAI is proud to announce that Ekoios has...
- Apr 8, 2021GenesisAI raises $1.3M+! Opening a new round to...
- Apr 1, 2021
- Mar 23, 2021Primary offering finalized, selling shares
- Mar 17, 2021
- Feb 12, 2021
- Jan 13, 2021
- Dec 29, 2020Watch the recording of the webinar about AI and...
- Dec 28, 2020
- Dec 25, 2020Wishing you a Merry Christmas and a prosperous...
- Dec 14, 2020
- Dec 1, 2020GenesisAI is proud to announce that SmartClick...
- Nov 23, 2020Presented at a premier venture conference -...
- Nov 17, 2020Over $1.1M raised! We are moving forward and...
- Nov 11, 2020I am thrilled to announce that the premier AI...
- Nov 7, 2020Watch the recording of the webinar about AI and...
- Nov 2, 2020GenesisAI featured in AE! I am glad to have...
- Oct 29, 2020I would like to congratulate everyone that we...
- Oct 26, 2020Netcapital published a blog post about us! AI...
- Oct 20, 2020Every day we are becoming stronger and...
- Oct 9, 2020GenesisAI video has over 135,000 views on...
- Sep 30, 2020We broke the $600k raised mark TODAY! I would...
- Sep 25, 2020GenesisAI Webinar on Youtube! I had a pleasure...
- Sep 22, 2020GenesisAI featured in InvestorPlace! We have...
- Sep 18, 2020We are thrilled to announce that the premier AI...
- Sep 15, 2020Our round is filling up faster! Average weekly...
- Sep 11, 2020GenesisAI featured in Business Insider and...
- Sep 7, 2020We reached 300 investors! Over $250k committed!...
- Sep 3, 2020GenesisAI is proud to announce that RebootAI...
- Aug 16, 2020Hello GenesisAI community! In a short time...
- Jun 22, 2020Primary offering of shares at $3.11
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