London and New York Robin AI, the AI-powered legal copilot, announced on Wednesday that it has secured $26M (approximately € 23.7M) in a Series B round of funding led by Temasek.
Other investors, including QuantumLight, Plural, and AFG Partners, participated.
The funding will allow Robin AI to expand its team in the US, where 75 per cent of its revenue comes from, and open an office in Singapore to enter the Asia Pacific market.
The investment will also be used to expand its existing team of AI and machine learning experts.
Robin AI: Smartest AI contract copilot
Richard Robinson (a lawyer at Clifford Chance) and James Clough (a machine learning research scientist at Imperial College) founded Robin AI in 2019.
The platform utilises 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 a simple search.
The company’s legal copilot, available as a Microsoft Word add-in, can reduce contract review time by 85 per cent, enabling legal teams to work faster, save money, and invest time more strategically.
The copilot can be trained to quickly review a contract, identify clauses, and propose edits based on a customer’s playbook. Lawyers retain full control while easily accepting or rejecting the changes.
Richard Robinson, CEO and co-founder, 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 and 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.”
Robin AI says it has seen significant traction for its contract copilot with customers increasing by 4x in the past year and revenues by 5x.
The company claims it has seen demand from the private equity sector where speed is critical to deal closures and where the tracking of obligations to investors can be complex.
Currently, Robin AI customers include Pepsico, PwC, Yum! Brands, AlbaCore Capital Group, and BlueEarth Capital.
Earlier this year, Robin AI 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.
Robin AI operates a unique hybrid model combining the Claude LLM with its 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 further refine the model to ensure the highest levels of quality and accuracy.
The investor
Temasek is a global investment company with a net portfolio value of S$382B ($287B) as of 31 March 2023.
As an active investor, forward-looking institution, and trusted steward, it is committed to delivering sustainable value over the long term.
Headquartered in Singapore, it has 13 offices in 9 countries around the world: Beijing, Hanoi, Mumbai, Shanghai, Shenzhen, and Singapore in Asia; and London, Brussels, Paris, New York, San Francisco, Washington DC, and Mexico City outside Asia.
Read the orginal article: https://siliconcanals.com/news/startups/robin-ai-secures-23-7m/
