KonProz Secures $700K Investment to Revolutionize Legal, Tax, and Regulatory Sectors with Generative AI
- ByStartupStory | May 20, 2024
KonProz, a pioneering Generative Artificial Intelligence (GenAI) startup, proudly announces the successful closure of its latest funding round, securing $700,000 in investment. This significant financial boost, led by Dr. Ruchi Parekh, the RDB Group, and several angel investors, marks a crucial milestone in KonProz’s mission to transform the landscape of legal, tax, and regulatory services through the power of Generative AI.
The newly acquired funds will be instrumental in developing a world-class GenAI intellectual property specifically tailored for the legal domain. Additionally, the investment will support team expansion and operational scaling, enabling KonProz to enhance its platform capabilities and solidify its position as a leader in Legal AI innovation.
Headquartered in Delhi NCR, with an additional base in Bhubaneshwar, KonProz is registered with both Startup India and Startup Odisha. Since its inception, the company has garnered significant attention for its flagship product, KonProz GPT—the world’s first GenAI tool trained exclusively on India’s tax, legal, and regulatory laws. Since the launch of its phase 1 product in November 2023, KonProz has attracted over 2,000 active users, including senior professionals from Big Four accounting firms and Tier 1 law firms. The company now aims to develop a comprehensive suite of products to further strengthen its market position.
“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. 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, setting a new standard for excellence in the legal and tax technology landscape,” stated Shiladitya Dash and Piyush Chopra, Co-founders of KonProz.
Leading the investment round, Dr. Ruchi Parekh brings extensive expertise in neuroscience and artificial intelligence. Dr. Parekh expressed her enthusiasm for 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 believe that their innovative solutions will bring about a positive change by transforming how professionals navigate the legal, tax, and regulatory space.”
Shri Vinod Dugar, Co-Promoter of the RDB Group, echoed Dr. Parekh’s sentiments, highlighting KonProz’s potential to drive innovation and create sustainable value across industries. “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,” said Shri Vinod Dugar.
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