GenesisAI is raising money on Netcapital as it aims to create an open marketplace for artificial intelligence (AI) applications.
According to the offering page, GenesisAI is raising up to $3 million under Reg CF. Investors are receiving Class A Common Stock at a pre-money valuation of $204 million. As it stands today, the securities offering has raised $193,000 with a deadline in January. The offering was extended several weeks back. This is a side-by-side securities offering as GenesisAI is running a Reg D 506c offering for accredited investors at the same time. GenesisAI states that it previously raised $4.8 million from 4,200+ investors in both Reg CF and Reg D offerings.
According to the Offering Statement, GenesisAI has not yet generated any revenue but predicts it will soon hit $1 million in annual revenue.
Currently, the company claims around 2,000 registered users on the platform with over 45 AI models deployed. GenesisAI expects to generate revenue by taking a percentage cut of each transaction on its platform. They believe the AI market will grow to $2.8 trillion by 2030. An audit statement from an accounting firm is available here.
GenesisAI CEO Archil Cheishvili issued a comment on his firms expectations:
“Learning platforms rely on information. Through our platform, businesses can acquire ready-made solutions from developers who seek to monetize their coding expertise, rather than building an AI infrastructure from the ground up, at great cost.”
The company states there are currently around 10,000 AI developers in the world but most companies cannot afford to hire their own team of AI engineers to create in-house AIs. This is where GenesisAI steps in to fill the void.
If you are interested, you may view the offering page here.
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