Artificial intelligence-backed legaltech startup Amikus AI has secured over Rs 96 lakh in a pre-seed funding round from angel network Inflection Point Ventures.
The Bengaluru-based startup will use the fresh funds for product team expansion, which includes employing more front-end, back-end and machine-learning developers.
Founded by Saahil Dama and Avi Agarwal last year, Amikus automates contract review using AI. Lawyers often must spend hours reading and re-reading contracts repeatedly to weed out problematic clauses, red flags, and other issues. Amikus AI helps in streamlining this process and generating insights to improve efficiency and accuracy in contract review.
“Legal documentation has always been a time-consuming and tedious process for lawyers. With its path-breaking technology, Amikus AI aims to put this lengthy procedure to an end. The AI-powered platform will ensure not only time efficiency with its ready-to-sign contracts but also accuracy in their pre-vetted and attorney-approved drafts,” said Madhukar Bhardwaj, Vice President (BD & Investments), Inflection Point Ventures.
Launched by Mittal, Vinay Bansal and Mitesh Shah, IPV had invested Rs 215 crore in 51 startups in 2021. BharatPe emerged as a multi-bagger giving over 80folds returns to IPV which it exited to BharatPe’s returning investor Coatue Management who led the $108 million Series D round in the fintech unicorn last year.
IPV first invested in BharatPe in 2018 and has completed a full exit.
A handful of legaltech startups could manage to raise funding in recent times.
On Wednesday, Delhi NCR-based LegalPay announced that it has launched a $2 million Justice and Inclusion Fund to invest in legaltech companies and startups working towards financial inclusion.
Earlier, Black Coat Technologies Pvt. Ltd, which operates legal technology startup LegalKart, has raised Rs 4 crore led by Mumbai Angels, a platform for early-stage investments, in January this year.
