Artificial intelligence (AI) powered legal tech platform Amikus AI has raised more than Rs 96 lakh in a pre-seed round led by Inflection Point Ventures (IPV). The funds raised will be utilised to expand the product team, including employing more front-end, back-end and machine-learning developers.

Founded in 2021 by the alumnus of National Law University and Cornell University, Amikus AI is a legal-tech business that automates contract reviews 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 AI, Amikus aims to streamline this process and generate insights to improve efficiency and accuracy in contract review. 

Saahil Dama, chief executive officer (CEO) of Amikus, 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.

Madhukar Bhardwaj, vice president of business development and investments at IPV said, “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 technology, Amikus AI aims to put this lengthy procedure to an end."

He added that 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,” he further stated.