Legal tech pioneer draws large investment amid legal sector’s AI integration surge
Robin AI has successfully raised $26 million to further bolster its AI-powered legal co-pilot
Amidst a burgeoning demand for generative AI in the legal domain, Robin AI has announced securing $26 million in new funding. This Series B round is spearheaded by Temasek, a global investment company based in Singapore. Other key investors include QuantumLight, Plural, and AFG Partners.
Founded in 2019 by Richard Robinson, a lawyer at Clifford Chance, and James Clough, a machine learning research scientist at Imperial College, Robin AI harnesses generative AI's capabilities to automate contract drafting and negotiation processes. Its innovation extends to extracting information from extensive contract repositories through simplified searches. The legal copilot, accessible as a Microsoft Word add-in, significantly slashes contract review times by 85%. This acceleration empowers legal teams to function swiftly, save resources, and allocate time more strategically.
Quality and precision are fundamental to Robin AI's methodology. As one of Anthropic's launch partners for the release of their Large Language Model (LLM), Claude, Robin AI utilizes this technology for legal tasks. Claude 2.1, designed for analyzing lengthy and intricate legal documents, offers the unique advantage of handling approximately 150,000 words in each prompt. Robin AI operates through a distinctive hybrid model, amalgamating the Claude LLM with their proprietary contract data (comprising over 2 million contracts) and machine learning techniques, augmented by a team of legal experts, termed "lawyers-in-the-loop."
Remarkably, Robin AI's customer base has grown fourfold in the past year, with a fivefold surge in revenues. The private equity sector, prioritizing swift deal closures and intricate investor obligation tracking, has particularly embraced Robin AI's services. Noteworthy clients include Pepsico, PwC, Yum! Brands, AlbaCore Capital Group, and BlueEarth Capital.
Richard Robinson, CEO and co-founder of Robin AI, relocating to New York to support US expansion, remarked, "We are building the AI platform for the legal sector—a service that deeply understands every aspect of the legal function." Robinson emphasized the goal to democratize legal services, bridging the gap between large and small law firms, aided by this investment.
The funding infusion will propel Robin AI's momentum in the rapidly evolving market. Plans include expanding the US team and establishing an office in Singapore to penetrate the Asia Pacific region. Additionally, it will bolster their roster of AI and machine learning professionals.
Robin AI's contract copilot, introduced as a Microsoft Word add-in, streamlines contract review processes while maintaining lawyer oversight. The copilot, trainable with a customer's negotiation playbook, swiftly identifies clauses and suggests edits, offering natural language search capabilities across signed contracts.
With this substantial investment, Robin AI is poised to redefine the legal landscape, leveraging AI to revolutionize legal processes globally.