Precily Inc., a software-as-a-service (SaaS) platform focussed on automating legal and taxation business functions, has raised seed capital.
The round in Palo Alto- and New Delhi-based startup has been led by Windrose Capital, a Pune-based venture firm that makes digital-first investments across the early and mid-stages of a company.
The sum was not disclosed.
Precily, set up by Bharath Rao in 2016, says it combines artificial intelligence with natural language processing (NLP) to provide its solutions to consulting and knowledge services firms.
These solutions involve automating legal and taxation-based business functions, with a focus on reducing human involvement in undifferentiated business activities. Precily claims its services allow for an increase in efficiency by up to 400%.
It will use the capital it has raised for product development and refining its data science models. It is also experimenting with its go-to-market strategy to develop stronger product positioning for the Indian and United States markets.
“Precily is one of the few companies in India pushing the boundaries of innovation in research and its practical application in technology and AI,” Windrose Capital managing partner Rohit Goyal said.
Apart from its core offering, the startup says it also provides a comprehensive workflow management layer to clients.
The investment is the latest bet for Windrose Capital, which marked the first close of its $30 million (around Rs 213 crore) debut fund – the Next Billion Fund – in November last year. At the time, Goyal said Limited Partners (LPs) in the fund included a group of investors with entrepreneurial backgrounds.
In December, it led a $600,000 (around Rs 4.3 crore) funding round in Noida-based Nivesh.com, a distributor of mutual fund products.
Then, in January this year, it participated in a Rs 2 crore (around $281,330) seed round in Invento Robotics. The capital infusion was led by ITI Growth Opportunities Venture Fund, with other participants including angel investors Kevin Saboo and Vikash Sharma of IC1101 Inc.