Legaltech startup Jupitice has raised $4 Mn in a Pre-Series A funding round led by Almas Capital.
Founded in 2019 by Raman Aggarwal, Jupitice said it has designed and developed an AI, machine learning and blockchain-powered dispute resolution solution. The startup has also created a ‘digital court’ that lets small businesses settle disputes without going to court.
“The way Jupitice is working towards its vision-Justice for all at their doorsteps by harnessing technology- is commendable. Undoubtedly, it is a brilliant company with extraordinary people behind it. We are very positive about this investment as it is not about a couple of people or team, but the entire machinery,” said Amardeep Sharma, managing director of Almas Capital.
The startup will use the funds raised towards product development and marketing.
In a blog post for Lawsites, lawyer and journalist Robert K Ambrogi quoted a report, according to which the justice tech market has grown significantly over the past decade, and investors have put in over $77 Mn in more than 100 early-stage startups in the intersection of tech and justice.
The global legal online dispute resolution market was valued at $57.3 Mn in 2020 and is expected to reach $210.53 Mn in 2028, growing at a CAGR of 17.5% during the period. A surge in the number of individuals and parties opting to resolve legal or judicial disputes without physical appearances is expected to drive this growth.
“It was not easy to develop a workflow, especially for the Justice sector, which is quite dynamic. It does not merely digitize paper-based processes but transforms processes for a digital environment that creates new capabilities, which were earlier, not conceivable in the traditional justice system. I would again like to thank the entire team of Almascaps for making the event happen for Jupitice today,” said Raman Aggarwal, founder of Jupitice.
Earlier this year, Incorp India has invested $10 Mn in legaltech startup Vakilsearch. Founded in 2014, Vakilsearch offers legal, tax and compliance-based services to small businesses and individuals. If you want to read more about disputes, read our 2021 in review piece on corporate disputes in the country.