Generative artificial intelligence start-up KonProz has raised $700K in a round led by Dr. Ruchi Parekh, RDB Group, and Angel Investors.
As per the company, the funding will help KonProz revolutionise the way legal, tax, and regulatory professionals use generative artificial intelligence (AI) to generate deliverables after navigating the extensive and complicated legal knowledge base.
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The funding will mostly go toward expanding the team and growing operations to increase KonProz's platform capabilities, as well as developing world-class generative AI intellectual property for the legal area.
KonProz considers itself a “technology company that leverages emerging technologies such as GenAI to build SaaS solutions for the legal, tax, and regulatory space.”
While talking about the difference between KonProz and ChatGPT, the company says ChatGPT can respond to inquiries about its general knowledge of the outside world. It is not capable of giving legal counsel or correcting legal information.
KonProz GPT, on the other hand, is an AI- and GPT-based program that has been educated by former Big4 and Tier-1 Law Firm specialists who possess precise and current knowledge of Indian Income Tax and GST Laws. When it comes to Indian Income Tax and GST Laws, KonProz GPT can provide accurate answers along with source citations, as per the company’s website.
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Talking about the company, Shiladitya Dash and Piyush Chopra, co-founders of KonProz, said, “Our focus at KonProz is to make generative AI a responsible and indispensable tool for professionals, empowering them to navigate the intricacies of legal, tax, and regulatory frameworks with ease and efficiency.”
Lately, there has been an increasing focus on generative AI start-ups in the country. According to Nasscom, the number of generative AI (GenAI) startups in India increased by more than double between 2021 and 2023. Recently, AI start-up Myelin Foundry received $4 million in funding led by SIDBI Venture Capital Ltd. (SVCL), and other existing investors also participated in the round. Similarly, another Gen AI start-up, Sarvam AI, raised $41 million in funding. It was led by Lightspeed, Peak XV, and Khosla Ventures.
