December 8th 2022, Bengaluru: AI-powered legal-tech platform Amikus AI has raised over ₹96 lakhs in a Pre-Seed round led by Inflection Point Ventures (IPV). The funds raised will be utilized to expand the product team, including employing more front-end, back-end, and machine-learning developers.
Madhukar Bhardwaj, Vice President (BD & Investments), Inflection Point Ventures says, “Legal documentation has always been a time-consuming and tedious process for lawyers. To achieve the right draft manually, draft contracts usually undergo several edits which more often create anxiety for clients who are eager for closures. 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.”
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. Lawyers often have to spend hours reading and re-reading contracts repeatedly to weed out problematic clauses, red flags, and other issues. By using cutting-edge AI, 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. The company’s goal is to remove redundancies from the contract review process so that already-busy lawyers can spend their time on more valuable work.
There has been a slow start to the use of AI in the legal world, especially in India. Amikus AI is bringing about innovation in the industry and is targeting over 50 Bn USD in the Total Available Market with 2,000,000 potential customers, including law firms of all sizes, in-house legal teams at start-ups, medium-sized, and large companies, as well as boutique lawyers. Law firms and in-house legal teams in English-speaking countries such as India, the UK, the US, Singapore, Australia, and Canada make up 80 million USD of Serviceable Obtainable Market for Amikus AI.
Saahil Dama, Chief Executive Officer, Amikus AI says, “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.
Contract review and drafting have always been manual processes. They typically entail tediously reading vast amounts of text, and drafting takes time. Amikus AI is a legal-tech business that focuses on the rapidly expanding industry for worldwide contract lifecycle management, which is predicted to reach $5.2 Bn by 2027 at a CAGR of 23%. AI is used to automate contract preparation and review, and machine learning is used to increase lawyers’ productivity by 40% while creating and evaluating contracts.
