[Funding alert] Deeptech enterprise SaaS startup Precily raises Seed capital from Windrose Capital
Continuing their investment focus on the enterprise SaaS space, Windrose Capital, a Pune-based VC firm, has led an undisclosed seed investment round in Precily Inc.
The Palo Alto and New Delhi-based deeptech enterprise SaaS startup intends to utilise the funds for product development and in refining its current data science research to deliver more accurate results. Precily is also experimenting with its GTM strategy to develop a stronger product positioning for the Indian and US markets, simultaneously.
Founded in 2018 by Bharath Rao, Precily offers an artificial intelligence-based SaaS solution coupled with NLP to large consulting and knowledge services businesses including some of the Big 4.
The company claims it is currently focussed on the automation of the legal and taxation business functions for its clients, enabling them to reduce human involvement in undifferentiated business activities and increasing efficiency by up to 400 percent.
Rohit Goyal, the Managing Partner at Windrose Capital, said,
“We’ve been associated with Precily for a while now, and to me, it is still astonishing to see Bharath, who leads the firm with a great set of values, maturity, and transparency, which is a rare find at such a young age. We believe we found ourselves a great partner in the Precily team.”
Rohit Goyal further added, “Precily is one of the few companies in India pushing the boundaries of innovation in research and practical applications of it in technology and AI. We are proud to be a part of their journey.”
Other than the core AI SaaS solution, Precily Aura provides a comprehensive workflow management layer that gives control, transparency, and insights to their clients' workflows. At present, their clientele includes the Big 4 consulting firms, law firms, and Fortune 500 companies, where their technology claims to have resulted in a 305 percent ROI for the customers with around 80 percent cost-savings opportunity and 92 percent accuracy which is higher than a manual first-pass review.
Edited by Megha Reddy