AI-powered legal copilot Robin AI announces that it has raised US$26m in new funding.
The company utilises advanced artificial intelligence and machine learning (AI/ML) to fully automate initial outreach to leads. This Series B round of funding is led by Temasek, with other investors such as QuantumLight, Plural and AFG Partners.
Founded in London, UK, the Anthropic launch partner has seen 5x revenue growth with Fortune 500 companies, which include PepsiCo. and Yum! Brands. Investment will be used to accelerate US expansion, launch business in the Asia Pacific region and to hire more AI engineers.
AI advances in the legal sector
Robin AI was founded in 2019 by Richard Robinson and James Clough, with the premise of leveraging generative AI (Gen AI) to automate and speed up the process of drafting and negotiating contracts, as well as extracting information from across entire contract repositories through simple search.
When speaking ahead of the AI Safety Summit, UK Prime Minister Rishi Sunak said of Robin AI: "In the private sector, start-ups like Robin AI are revolutionising the legal profession, writing contracts in minutes [and] saving businesses and customers time and money."
The organisation’s legal copilot, available as a Microsoft Word add-in, can cut the time it takes to review contracts by 85%, allowing business legal teams to move faster, save money and invest their time more strategically. It can also be trained with a customer's negotiating playbook and will quickly review a contract, identify clauses and propose edits, which can easily be accepted or rejected - all while ensuring lawyers retain full control.
In 2023, Robin AI became one of Anthropic's launch partners for the release of their Large Language Model (LLM), Claude. It is currently the only partner applying the technology to legal work and is reaping the benefits of Claude 2.1 allowing for longer LLM prompts, which is a key benefit for analysing long and complex legal documents.
‘AI as copilot’ strategy continues across multiple industries
Robin AI operates a unique hybrid model that combines the Claude LLM with its own proprietary data from over 2 million contracts. In addition, it utilises its own machine learning techniques to read and understand contracts, with an in-house team of legal professionals helping to further refine the model to ensure the highest levels of quality and accuracy.
Robin AI has seen significant traction within the private equity sector where speed is critical to deal closures and where the tracking of obligations to investors can be complex. Its customers already include PepsiCo, PwC, Yum! Brands, AlbaCore Capital Group, and BlueEarth Capital.
The newly acquired funding will help the company capitalise on the fast-moving AI market, which include its expansion efforts in the US
Richard Robinson, says: "We've seen incredible customer traction with what we believe is the smartest AI contract copilot on the market. But this is just the beginning.
“We are building the AI platform for the legal sector - a service that deeply understands every aspect of the legal function, from drafting contracts, researching case law to explaining legal concepts - our AI will help people tackle every legal task. This will help level the playing field between big and small law firms and help more people access legal services. This investment will help us to realise this vision."
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