Legaltech startup Amikus AI has raised over Rs 96 lakh in its pre-seed round led by Inflection Point Ventures (IPV).
The funds will be utilized to expand the product team, including employing more front-end, back-end, and machine-learning developers, the company said in a press release.
Founded in 2021 by Avi Agarwal, Saahil Dama and Jayraj Dama, Amikus AI automates the creation and assessment of contracts using artificial intelligence. By using its AI products, Amikus AI is streamlining this process and generating insights to improve efficiency and accuracy in contract review. This is useful both when lawyers review hundreds of agreements during a due diligence process or negotiate larger, one-off agreements.
Inflection Point Ventures launched Physis Capital, a $50 million AIF CAT II venture capital fund, in May. According to IPV, it plans to use checks between $2 million and $10 million to invest in 15-20 startups through pre-Series A to Series B rounds of funding.IPV has so far made investments in over 100 startups across consumer technology, edtech, health technology, fintech, B2B SaaS, social, and content commerce.
The legaltech space in India has witnessed a significant interest from investors in this year. In February, dispute resolution platform Presolv360’s raised a million USD in seed round while LegitQuest’s pre-Series A round in August. Last year, Wakilsearch nabbed one of the largest funding rounds in the space and also facilitated exit for its early backer Kalaari Capital.
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, LegalKart raised Rs 4 crore led by Mumbai Angels, a platform for early-stage investments, in January this year.