As demand for generative AI in the legal sector increases, Robin AI, the AI-powered legal copilot, today announces that it has raised $26 million in new funding.
The Series B investment round is “led by Temasek, a global investment company headquartered in Singapore.”
Other investors include QuantumLight, Plural and AFG Partners.
Robin AI was founded in 2019 “by Richard Robinson, a lawyer at Clifford Chance, and James Clough, a machine learning research scientist at Imperial College. It leverages the power of generative 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.”
Its legal copilot, “available as a Microsoft Word add-in, can cut the time it takes to review contracts by 85%, allowing businesses’ legal teams to move faster, save money and ultimately invest their time more strategically.”
Robin AI places quality and accuracy “at the heart of its approach. Earlier this year, it became one of Anthropic’s launch partners for the release of their Large Language Model (LLM), Claude – the only such partner applying this technology to legal work. Claude 2.1 allows much longer prompts than other LLMs (around 150,000 words in each prompt), a key benefit for analysing long and complex legal documents. Anthropic is also dedicated to building frontier AI models that are safe and reliable.”
Robin AI operates “a unique hybrid model that combines the Claude LLM with its own proprietary contract data (from over 2 million contracts) and machine learning techniques to read and understand contracts. An in-house team of legal professionals, or lawyers-in-the-loop, helps to refine the model further to ensure the highest levels of quality and accuracy. Unlike many other legal AI products that are in beta or hidden behind waiting lists, anyone can try out a free version of the copilot at www.robinai.com.”
Robin AI has “seen significant traction for its contract copilot, with customers increasing by 4x in the past year and revenues by 5x. It has seen especially strong demand from the private equity sector where speed is critical to deal closures and where the tracking of obligations to investors can be complex. Robin AI customers include Pepsico, PwC, Yum! Brands, AlbaCore Capital Group, and BlueEarth Capital.”
CEO and co-founder Richard Robinson, who has relocated to New York to support the US expansion, said:
“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.”
The funding will allow Robin AI “to capitalize on the strong momentum it is seeing in a very fast moving market.”
This includes expanding its team “on the ground in the US where three quarters of its revenue is already derived from; as well as opening an office in Singapore to expand into Asia Pacific.”
The investment will also be “used to expand its existing team of AI and machine learning experts.”