Amikus AI, an AI-backed legaltech startup, has raised over Rs 96 lakh in a pre-seed funding round from angel network Inflection Point Ventures.

As per the startup, the raised funds will be used for product team expansion, which includes employing more front-end, back-end and machine-learning developers.

Amikus AI | AI-powered Contract Drafting And Analysis

Founded by Saahil Dama and Avi Agarwal in 2021, Amikus AI is a Bengaluru-based contract drafting and analysis platform that automates contract review using AI.

Generally, lawyers often must spend hours reading and re-reading contracts repeatedly to weed out problematic clauses, red flags, and other issues. But Amikus AI, by leveraging AI, helps streamline this process and generate insights to improve efficiency and accuracy in contract review.

Speaking about the development, Saahil Dama, Co-founder and CEO of Amikus AI, said,

“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.”

The Bengaluru-based startup is working with a vision to remove redundancies from the contract review process so that already-busy lawyers can spend their time on more valuable work. It focuses on the rapidly expanding industry for worldwide contract lifecycle management, which is expected to reach $5.2 billion by 2027, growing at a CAGR of 23 per cent.

Commenting on the development, Madhukar Bhardwaj, Vice President (BD & Investments), Inflection Point Ventures, said,

“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.”

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