Amikus AI Raises Over INR 96 Lakh In Pre-Seed Funding The funds raised will be utilized to expand the product team, including employing more front-end, back-end, and machine-learning developers
By Teena Jose
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AI-powered legal-tech platform Amikus AI has raised over INR 96 lakh in pre-Seed funding round led by Inflection Point Ventures. The funds raised will be utilized to expand the product team, including employing more front-end, back-end, and machine-learning developers.
"Legal tech is a challenging but exciting industry. By leveraging artificial intelligence and machine learning, Amikus AI is poised to change the way in which lawyers review and draft contracts. I'm glad that IPV shares this conviction and is supporting Amikus AI through its journey. The strategic insights and networking opportunities provided by IPV have been invaluable for the company," said Saahil Dama, chief executive officer, Amikus AI.
Amikus AI is bringing about innovation in the industry and is targeting over $50 billion in the total available market with 2,000,000 potential customers, which is predicted to reach $5.2 billion by 2027 at a CAGR of 23 per cent. AI is used to automate contract preparation and review, and machine learning is used to increase lawyers' productivity by 40 per cent while creating and evaluating contracts, claimed by the company in a statement.
"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. We at IPV appreciate the infusion of AI technology into the legal world. With our strategic inputs, we look forward to expanding their business across the globe," said Madhukar Bhardwaj, vice-president (BD & Investments), Inflection Point Ventures.
Founded in 2021 by alumni of the National Law University and Cornell University, Amikus AI is a legal-tech business that automates contract review using artificial intelligence.
