Delhi NCR-based generative AI startup KonProz raises $700K

KonProz, a Generative artificial intelligence (GenAI) startup, has raised $700,000 in a funding round led by Dr. Ruchi Parekh, RDB Group and angel investors.

The startup said the investment will be instrumental in propelling its mission to transform the way in which legal, tax and regulatory professionals navigate the vast and complex legal knowledge base and subsequently draft deliverables using Generative AI.

The startup is based in Delhi NCR and also has a base in Bhubaneshwar, Odisha.

What is the purpose of fundraising?

The startup plans to use the raised capital to build world-class Generative AI intellectual property for the legal domain, expand its team, and scale operations to broaden KonProz's platform capabilities.

Making generative AI responsible tool for professionals

Shiladitya Dash and Piyush Chopra, the founders of KonProz, said the startup will focus on making generative AI a responsible and indispensable tool for professionals and "empowering them to navigate the intricacies of legal, tax, and regulatory frameworks with ease and efficiency".

"We are thrilled to have secured this investment, which underscores the confidence of our investors in our vision and capabilities. With this funding, we aim to further enhance KonProz GPT’s prowess that will set a new standard for excellence in the legal and tax technology landscape," the founders said.

What does KonProz do?

KonProz has developed a flagship product named 'KonProz GPT', the world's first GenAI tool trained specifically on India's tax, legal and regulatory laws.

Since the release of its phase 1 product in November 2023, KonProz has over 2,000 active users, including senior professionals from the Big4s and Tier 1 law firms.

It aims to build a comprehensive suite of products to further strengthen its position as the leader in the Legal AI innovation space.

What did investors say about KonProz?

Dr. Ruchi Parekh, a seasoned leader with a background in neuroscience and project management, expressed her excitement about supporting KonProz's innovative solutions, stating, “KonProz GPT is positioned to lead the way in leveraging legal and Generative AI. I'm thrilled to be part of this journey and I believe that their innovative solutions will bring about a positive change by transforming how professionals navigate the legal, tax and regulatory space conventionally.”

Vinod Dugar, Co-Promoter of the RDB Group, said "We believe in investing in ventures that unlock immense potential in emerging sectors and KonProz's groundbreaking solutions in GenAI align perfectly with our ethos of innovation and excellence."