Details
1 | Harvard founders with work experience at Google and Bridgewater Associates. |
2 | Globally recognized investors and advisors with multi-billion-dollar exits, including former Dean of MIT Engineering and Harvard/MIT professors. |
3 | If we achieve our vision, GenesisAI will become the single most valuable technology of all time. |
4 | The market for AI services is currently valued at $100 billion and is estimated to reach $6 trillion by 2025. |
5 | The first global AI network that just works. |
Hello! We're GenesisAI.
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:
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.
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.
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 25 demand-side firms who wish to purchase products on our marketplace.
All in all, if you believe in supporting our mission below, join us and help us enable anyone in the world to access AI.
1. 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.”
2. 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.
3. Our technology enables different AIs to communicate with each other, exchange data and trade services. Anyone can develop and purchase AI services.
Invest as little as $400 to help us further develop the single most valuable technology of our time. The time is now.
GenesisAI has financial statements ending December 31 2018. Our cash in hand is $64,011, as of December 2019. Over the three months prior, revenues averaged $0/month, cost of goods sold has averaged $0/month, and operational expenses have averaged $4,500/month.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and the related notes and other financial information included elsewhere in this offering. Some of the information contained in this discussion and analysis, including information regarding the strategy and plans for our business, includes forward-looking statements that involve risks and uncertainties. You should review the "Risk Factors" section for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis.
Overview
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.
In five years we hope to be providing an efficiency boost to the market as a whole by making AI accessible and usable for numerous various-sized businesses. 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 rid the world 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.
Given the Company’s limited operating history, the Company cannot reliably estimate how much revenue it will receive in the future if any.
Milestones
GenesisAI Corporation was incorporated in the State of Delaware in July 2018.
Since then, we have:
- Our advisory board consists of members with multi-billion dollar exits, AI and Machine Learning experts who are current professors at MIT and Harvard, and marketing strategy experts who are current professors at Harvard Business School.
- We have agreements with over 20 AI supply-side firms who want to place their product on our marketplace and 20 demand-side firms who wish to purchase products on our marketplace.
Historical Results of Operations
Our company was organized in July 2018 and has limited operations upon which prospective investors may base an evaluation of its performance.
Liquidity & Capital Resources
To-date, the company has been financed with $65,000 in equity and $217,875 in SAFEs.
After the conclusion of this Offering, should we hit our minimum funding target, our projected runway is 18 months before we need to raise further capital.
We plan to use the proceeds as set forth in this Form C under "Use of Funds". We don’t have any other sources of capital in the immediate future.
We will likely require additional financing in excess of the proceeds from the Offering in order to perform operations over the lifetime of the Company. We plan to raise capital in 18 months. Except as otherwise described in this Form C, we do not have additional sources of capital other than the proceeds from the offering. Because of the complexities and uncertainties in establishing a new business strategy, it is not possible to adequately project whether the proceeds of this offering will be sufficient to enable us to implement our strategy. This complexity and uncertainty will be increased if less than the maximum amount of securities offered in this offering is sold. The Company intends to raise additional capital in the future from investors. Although capital may be available for early-stage companies, there is no guarantee that the Company will receive any investments from investors.
Runway & Short/Mid Term Expenses
GenesisAI Corporation cash in hand is $64,011, as of December 2019. Over the last three months, revenues have averaged $0/month, cost of goods sold has averaged $0/month, and operational expenses have averaged $4,500/month, for an average burn rate of $4,500 per month. Our intent is to be profitable in 24 months.
Since Dec 31st, 2018, monthly expenses increased and GenesisAI raised additional capital.
We estimate to reach a revenue of $500k by the end of April. Our cost is estimated to be 2,000 - 20,000 per month in the next 3-6 months. We rely on existing capital, potential outside capital that might be raised, and potential revenue.
1 | GenesisAI is an early-stage startup, and that comes with the typical risks of a company at this stage. Relevant risks include unstable revenues in the initial phase of revenue creation, due to external developments in the addressed market, and new competitor entrance. This condition will limit our ability to pay dividends until we reach financial stability |
2 | Any valuation at this stage is difficult to assess. The valuation cap for the offering was established by the company. Unlike listed companies that are valued publicly through market-driven stock prices, the valuation of private companies, especially startups, is difficult to assess and you may risk overpaying for your investment. |
3 | We have a small team and our future success depends on the ability of the core team to recruit key personnel to face a sustainable scaling effort. Job market conditions may affect our ability to recruit the talent we need to add new skills and competences in our company. |
4 | We are dependent on general economic conditions. Companies might reduce their willingness to invest in innovation and forward-looking improvements if they are facing an economic downturn. As we are targeting the company globally to join our marketplace, we might be able to diversify our outreach for new platform members based on the local economic outlook. This might temporarily reduce our market size. Furthermore, a global crisis might make it harder to diversify. |
5 | We will face significant competition. Even though we are greatly positioned as an early mover, we expect an increasing number of companies of different sizes targeting this very attractive market. |
6 | Our ability to succeed depends on how successful we will be in our fundraising effort. We plan to diversify fund-raising beyond this campaign, in order to use resources to build the necessary tech and business infrastructure to be successful in the long-term. In the event of competitors being better capitalized than we are, that would give them a significant advantage in marketing and operations. |
7 | Voting control will be given to a small number of shareholders. Investors in this platform would not be able to influence our policies or any corporate matters, including the election of directors, changing to our company governance documents, expanding employee option pool, or actions including mergers, consolidation, asset sales and other major actions requiring stockholder approval. Some of the larger stockholders include, or have the right to designate, executive officers and directors of our Board. These few people and entities make all major decisions regarding the company. As a minority shareholder and a signatory to any potential proxy agreements for voting, you will not have a say in these decisions. |
8 | Future fundraising may affect the rights of investors. In order to expand, the company is likely to raise funds again in the future, either by offerings of securities or through borrowing from banks or other sources. The terms of future capital raising, such as loan agreements, may include covenants that give creditors greater rights over the financial resources of the company. |
9 | There is no current market for our stock. There is no formal marketplace for the resale of our stock. The shares may be traded over-the-counter to the extent any demand exists. These securities are illiquid and there will not be an official current price for them, as there would be if we were a publicly-traded company with a listing on a stock exchange. Investors should assume that they may not be able to liquidate their investment for some time or be able to pledge their shares as collateral. Further, some investors are required to assign their voting rights as a condition to investing. This assignment of voting rights may further limit an investor’s ability to liquidate their investment. Since we have not established a trading forum for our stock, there will be no easy way to know what the Common Stock is “worth” at any time. |
10 | The Company may never receive a future equity financing or elect to convert the Securities upon such future financing. In addition, the Company may never undergo a liquidity event such as a sale of the Company or an IPO. If neither the conversion of the Securities nor a liquidity event occurs, the Purchasers could be left holding the Securities in perpetuity. The Securities have numerous transfer restrictions and will likely be highly illiquid, with potentially no secondary market on which to sell them. The Securities are not equity interests, have no ownership rights, have no rights to the Company’s assets or profits and have no voting rights or ability to direct the Company or its actions. |
11 | Our future success depends on the efforts of a small management team. The loss of services of the members of the management team may have an adverse effect on the company. There can be no assurance that we will be successful in attracting and retaining other personnel we require to successfully grow our business. |
Director | Occupation | Joined |
---|---|---|
Archil Cheishvili | CEO & President @ GenesisAI | 2018 |
Officer | Title | Joined |
---|---|---|
Archil Cheishvili | President | 2018 |
Holder | Securities Held | Voting Power |
---|---|---|
Archil Cheishvili | 2,708,000 Common stock | 67.7% |
Date | Amount | Security |
---|---|---|
$91,378 | SAFE | |
03/2019 | $40,000 | Priced Round |
08/2018 | $2,625 | SAFE |
08/2018 | $50,000 | SAFE |
10/2019 | $10,000 | SAFE |
09/2019 | $50,000 | SAFE |
10/2019 | $25,000 | SAFE |
09/2019 | $30,000 | SAFE |
05/2019 | $25,000 | Priced Round |
08/2018 | $10,000 | SAFE |
09/2018 | $35,000 | SAFE |
08/2018 | $5,250 | SAFE |
Name | CEO agreement |
Amount Invested | $0 |
Transaction type | Other |
Issued | 05/31/2018 |
Relationship | GenesisAI officer owns equity in related party |
Summary of agreement. GenesisAI Corporation will pay $80,000 between 05/31/2018 and 05/31/2019 to Palatine Analytics Corporation for getting a CEO (Chief Executive Officer) services from Archil Cheishvili who is employed at Palatine Analytics Corporation. CEO services will include setting the company’s vision, creating the strategy, hiring and managing people, overseeing daily operations, managing finances, fundraising, overall product development, and customer acquisition | |
$50,000 | 40% towards product development. Paying to Platform Development Team
40% towards business development. Cost of Personnel. Cost of Marketing.
12.5% towards operations. Office space, travel, logistics, other SG&A
7.5% towards Wefunder fees |
$1,070,000 | 40% towards product development. Paying to Platform Development Team
40% towards business development. Cost of Personnel. Cost of Marketing.
12.5% towards operations - Office space, travel, logistics, other SG&A
7.5% towards Wefunder fees |
Class of Security | Securities (or Amount) Authorized |
Securities (or Amount) Outstanding |
Voting Rights |
---|---|---|---|
Common Stock | 10,000,000 | 4,000,000 | Yes |
The Securities and Exchange Commission hosts the official Form C on their EDGAR web site.
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