On Friday, the Gurugram Based Mikelegal (1), a legal tech startup, stated that it had secured undisclosed funding from its seed fundraise. SOSV, the US-headquartered venture capital firm, and Artesian, an Australian-based VC firm, led the latest financing round.
While commenting on the latest infusions, Tushar Bhargava, the Co-founder of MikeLegal, stated that the platform helps legal teams automate their trademark processes at present. He added that the entire product is largely driven manually. Consequently, it leads to missing similar infringements and other essential deadlines, currently managed on an excel sheet.
However, with the AI algorithm of MikeLegal, teams can make better data-driven decisions in one-fourth of the time. The startup is also looking at expanding to contract renewal and proofreading via AI in upcoming months.
The AI algorithm of MikeLegal can make more efficient data-driven decisions in one-fourth time. Moreover, the team is also growing to review contracts and proofreading via AI in upcoming months, stated the company. Furthermore, the start will utilize new investments to enhance their product, sales team, and operations to other geographies and legal domains.
MikeLegal Looking to Disrupt the Legal tech industry in India
According to Anshul Gupta, Co-founder, and CEO of MikeLegal, the Indian legal tech industry is at an initial stage, and there is a massive opportunity in the space. With the backing of Artesian and SOSV, the team can achieve the vision quicker.
Tushar Bhargava and Anshul Gupta founded the company in 2017. It claims that it is already working with more than 100 companies from Tier 1 law firms and corporates. It includes Bharti Airtel, Pidilite, Reliance Industries, Sun Pharmaceuticals, Hero MotoCorp, etc.
The legal associate of MikeLegal, powered by AI, is helping the legal team automate their tasks, hence reducing time spent on time on several activities with more efficiency. The startup product is helping the law firms but other SMEs and large MNCs of India, stated the SOSV Partner, and MD of China Accelerator, Oscar Ramos.