Insider Brief
- KonProz, a Generative AI startup, secured $700,000 in funding led by Dr. Ruchi Parekh, RDB Group, and angel investors to enhance its AI solutions for legal, tax, and regulatory professionals.
- The funds will be used to develop AI intellectual property, expand the team, and scale operations, aiming to strengthen KonProz’s position with its flagship product, KonProz GPT.
- Co-founders Shiladitya Dash and Piyush Chopra emphasize the goal of making GenAI a vital tool for professionals, with support from distinguished investors like Dr. Parekh and RDB Group.
PRESS RELEASE — May 21, 2024 — KonProz, a pioneering Generative Artificial Intelligence (GenAI) startup is pleased to announce the successful closure of its latest funding round, securing USD 700,000 in investment. The funding, led by Dr. Ruchi Parekh, RDB Group and Angel Investors, will be instrumental in propelling KonProz’s 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 investment will primarily be used for building a world class Generative AI intellectual property for the legal domain, team expansion and scaling operations to broaden KonProz’s platform capabilities.
KonProz is headquartered in Delhi NCR & also has a base in Bhubaneshwar. It is also registered with Startup India and Startup Odisha. Since its inception, KonProz has garnered significant attention for its flagship product, 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, and aims to now build a comprehensive suite of products to further strengthen its position as the leader in the Legal AI innovation space.
“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 that will set a new standard for excellence in the legal and tax technology landscape,” said Shiladitya Dash and Piyush Chopra, Co-founders of KonProz.
The investment round was led by Dr. Ruchi Parekh, a distinguished expert with extensive contributions to the field of neuroscience and artificial intelligence, and the RDB Group, a prominent conglomerate known for its commitment to excellence and innovation across various industries.
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.”
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.”, says Shri Vinod Dugar. About KonProz KonProz, a technology company which leverages emerging technologies such as GenAI to build SaaS solutions for the legal, tax and regulatory space.
