Today AI-powered legal copilot Robin AI, announced that it has raised $26 million in Series B funding. This brings the company’s funding to $43.6 million.
Founded in 2019, Robin AI 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 percent, allowing businesses’ legal teams to move faster, save money, and invest their time more strategically.
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 customers include Pepsico, PwC, Yum! Brands, AlbaCore Capital Group, and BlueEarth Capital.
CEO and co-founder Richard Robinson, 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.”
Temasek, a global investment company headquartered in Singapore, leads the Series B round. Other investors include QuantumLight, Plural, and AFG Partners.
Carina Namih, Partner at Plural, said,
“Everyone is wondering how AI lands usefully.
Robin is delivering AI products to an astonishing volume and range of customers – serious businesses across sectors that are using it today to transform how they work.
And they’ve only scratched the surface. I have backed this team since inception and couldn’t be more bullish about their ability to win the global legal market.”
The funding will allow Robin AI to expand its team in the US, where three-quarters of its revenue is already derived, and open an office in Singapore to expand into Asia Pacific. The investment will also help develop its existing AI and machine learning experts team.
Lead image: Richard Robinson and JamesClough, co-founders of RobinAI. Photo: uncredited.
Would you like to write the first comment?
Login to post comments