Robin AI Raises $26 million as Legal Sector Embraces AI

Robin AI Raises $26 million as Authorized Sector Embraces AI

World Information

03Jan2024

Editor

As demand for generative AI within the authorized sector explodes, Robin AI, the AI-powered authorized copilot, as we speak pronounces that it has raised $26 million in new funding. The Sequence B spherical is led by Temasek, a world funding firm headquartered in Singapore. Different buyers embrace QuantumLight, Plural and AFG Companions.

Robin AI was based in 2019 by Richard Robinson, a lawyer at Clifford Likelihood, and James Clough, a machine studying analysis scientist at Imperial School. It leverages the facility of generative AI to automate and pace up the method of drafting and negotiating contracts, in addition to extracting info from throughout complete contract repositories by way of easy search. Its authorized copilot, obtainable as a Microsoft Phrase add-in, can minimize the time it takes to evaluation contracts by 85%, permitting companies’ authorized groups to maneuver quicker, get monetary savings and in the end make investments their time extra strategically.

Robin AI locations high quality and accuracy on the coronary heart of its strategy. Earlier this yr, it grew to become certainly one of Anthropic’s launch companions for the discharge of their Giant Language Mannequin (LLM), Claude – the one such accomplice making use of this expertise to authorized work. Claude 2.1 permits for much longer prompts than different LLMs (round 150,000 phrases in every immediate), a key profit for analysing lengthy and sophisticated authorized paperwork. Anthropic can be devoted to constructing frontier AI fashions which might be secure and dependable.

Robin AI operates a singular hybrid mannequin that mixes the Claude LLM with its personal proprietary contract information (from over 2 million contracts) and machine studying methods to learn and perceive contracts. An in-house staff of authorized professionals, or lawyers-in-the-loop, helps to additional refine the mannequin to make sure the best ranges of high quality and accuracy. Not like many different authorized AI merchandise which might be in beta or hidden behind ready lists, anybody can check out a free model of the copilot at www.robinai.com.

Robin AI has seen vital traction for its contract copilot with prospects growing by 4x up to now yr and revenues by 5x. It has seen particularly robust demand from the non-public fairness sector the place pace is essential to deal closures and the place the monitoring of obligations to buyers will be complicated. Robin AI prospects embrace Pepsico, PwC, Yum! Manufacturers, AlbaCore Capital Group, and BlueEarth Capital.

CEO and co-founder Richard Robinson, who has relocated to New York to help the US growth, stated: “We’ve seen unbelievable buyer traction with what we consider is the neatest AI contract copilot available on the market. However that is just the start. We’re constructing the AI platform for the authorized sector – a service that deeply understands each facet of the authorized perform, from drafting contracts, researching case regulation to explaining authorized ideas – our AI will assist folks sort out each authorized process. It will assist degree the enjoying subject between large and small regulation corporations and assist extra folks entry authorized providers. This funding will assist us to grasp this imaginative and prescient.”

Carina Namih, Associate at Plural, stated, “Everyone seems to be questioning how AI lands usefully. Robin is delivering AI merchandise to an astonishing quantity and vary of consumers – critical companies throughout sectors which might be utilizing it as we speak to rework how they work. And so they’ve solely scratched the floor. I’ve backed this staff since inception and couldn’t be extra bullish about their capacity to win the worldwide authorized market.”

Ilya Kondrashov, CEO at QuantumLight, stated, “Robin AI has constructed an excellent staff and product and have developed a formidable file of buying main enterprise accounts in a brief time period. As an AI-driven VC agency, we instantly noticed the potential of Robin AI’s system to drive great effectivity within the subject of authorized providers. We’re extraordinarily grateful for the chance to return together with Richard, James and the broader staff at Robin AI on their thrilling journey to grasp the potential of AI and construct some of the vital corporations within the AI functions house.”

Ivan Ong, Associate at AFG Companions, stated, “Robin AI is addressing a central situation within the authorized trade, and in a short while has positioned itself as a market chief in an area that has vital progress potential. As a world fund backed by buyers from monetary providers, we consider that there must be a greater option to handle the rising variety of authorized contracts between stakeholders. Robin AI is very relevant throughout our community of buyers and ecosystem companions and we sit up for scaling the corporate deeper into Asia and globally. We’re happy to hitch Temasek and different seasoned buyers as we help Robin AI on its progress journey.”

The funding will enable Robin AI to capitalise on the robust momentum it’s seeing in a really fast-paced market. This consists of increasing its staff on the bottom within the US the place three quarters of its income is already derived from; in addition to opening an workplace in Singapore to broaden into Asia Pacific. The funding may even be used to broaden its current staff of AI and machine studying specialists.

Robin AI’s contract copilot was just lately launched as a Microsoft Phrase add-in making it even simpler for legal professionals to include into their day-to-day work (the overwhelming majority of legal professionals use MS Phrase to draft, edit and evaluation contracts). The copilot will be skilled with a buyer’s negotiating playbook and can rapidly evaluation a contract, establish clauses and suggest edits, which might simply be accepted or rejected – all whereas guaranteeing legal professionals retain full management. The Robin copilot additionally permits prospects to make use of pure language search to search out info, similar to obligations, throughout the entire contracts they’ve signed.