Robin AI Raises $26 Million in New Funding

The brand new yr has began off with excellent news for the Authorized Tech Funding Market: as demand for generative AI within the authorized sector explodes, Robin AI, the AI-powered authorized copilot, has introduced that it has raised $26 million in new funding. The Collection B spherical is led by Temasek, a world funding firm headquartered in Singapore. Different traders 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 Faculty. It leverages the ability of generative AI to automate and pace up the method of drafting and negotiating contracts, in addition to extracting info from throughout whole contract repositories by way of easy search. Its authorized copilot, accessible as a Microsoft Phrase add-in, can lower the time it takes to assessment 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 turned certainly one of Anthropic’s launch companions for the discharge of their Giant Language Mannequin (LLM), Claude – the one such companion 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 protected and dependable.

Robin AI operates a 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 crew 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.

Robin AI has seen vital traction for its contract copilot with prospects rising by 4x prior to now yr and revenues by 5x. It has seen particularly robust demand from the non-public fairness sector the place pace is important to deal closures and the place the monitoring of obligations to traders will be advanced. 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, mentioned: “We’ve seen unbelievable buyer traction with what we imagine is the neatest AI contract copilot available on the market. However that is only the start. We’re constructing the AI platform for the authorized sector – a service that deeply understands each side of the authorized operate, from drafting contracts, researching case regulation to explaining authorized ideas – our AI will assist folks deal with each authorized activity. This may assist degree the enjoying subject between massive and small regulation corporations and assist extra folks entry authorized providers. This funding will assist us to grasp this imaginative and prescient.”

Carina Namih, Accomplice at Plural, mentioned, “Everyone seems to be questioning how AI lands usefully. Robin is delivering AI merchandise to an astonishing quantity and vary of shoppers – severe companies throughout sectors which might be utilizing it immediately to rework how they work. They usually’ve solely scratched the floor. I’ve backed this crew since inception and couldn’t be extra bullish about their capability to win the worldwide authorized market.”

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

Ivan Ong, Accomplice at AFG Companions, mentioned, “Robin AI is addressing a central challenge within the authorized business, and in a short while has positioned itself as a market chief in an area that has vital development potential. As a world fund backed by traders from monetary providers, we imagine that there must be a greater method to handle the rising variety of authorized contracts between stakeholders. Robin AI is extremely relevant throughout our community of traders and ecosystem companions and we stay up for scaling the corporate deeper into Asia and globally. We’re happy to hitch Temasek and different seasoned traders as we help Robin AI on its development 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 crew 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 develop into Asia Pacific. The funding can even be used to develop its present crew of AI and machine studying consultants.