Robin AI, a London and New York-based AI-powered legal copilot, has announced a significant Series B funding round, securing $26 million (approximately €23.7 million). The round was led by Temasek and saw participation from other investors including QuantumLight, Plural, and AFG Partners.
The funding will enable Robin AI to expand its team in the US, which currently accounts for 75% of its revenue, and to open an office in Singapore to enter the Asia Pacific market. Additionally, the investment will support the expansion of its existing team of AI and machine learning experts.
Revolutionizing Contract Drafting and Negotiation
Founded in 2019 by Richard Robinson, a lawyer at Clifford Chance, and James Clough, a machine learning research scientist at Imperial College, Robin AI utilizes generative AI to automate and speed up the process of drafting and negotiating contracts. The platform can also extract information from entire contract repositories through a simple search.
Enhancing Legal Team Efficiency
Robin AI’s legal copilot, available as a Microsoft Word add-in, can reduce contract review time by 85%, enabling legal teams to work faster, save money, and invest time more strategically. The copilot can quickly review a contract, identify clauses, and propose edits based on a customer’s playbook, while lawyers retain full control to accept or reject changes.
Significant Traction and Customer Growth
Robin AI has seen significant traction for its contract copilot, with customers increasing by 4x in the past year and revenues by 5x. The company has attracted demand from the private equity sector, where speed is critical to deal closures and tracking obligations to investors can be complex. Current customers include Pepsico, PwC, Yum! Brands, AlbaCore Capital Group, and BlueEarth Capital.
Leveraging Anthropic’s Large Language Model
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. The company operates a unique hybrid model combining the Claude LLM with its proprietary contract data and machine learning techniques to read and understand contracts.
CEO’s Vision for Legal Sector AI
Richard Robinson, CEO and co-founder, envisions building the AI platform for the legal sector, deeply understanding every aspect of the legal function, from drafting contracts to researching case law and explaining legal concepts. This AI will help tackle every legal task, leveling the playing field between big and small law firms and helping more people access legal services.
Advancing AI in Legal Services
Robin AI’s Series B funding round marks a significant step in advancing AI-powered legal services. With its innovative approach and expansion plans, the company is well-positioned to redefine the legal sector and enhance the efficiency of legal teams globally.