Robin AI Ltd., the visionary developer behind an AI “copilot” designed to streamline the creation and evaluation of legal contracts, has announced the successful completion of a new funding round, securing a substantial $26 million.
This recent infusion of capital bolsters Robin AI’s total funding to a commendable sum, nearing the milestone of $43 million. This Series B round unfolded a mere 10 months after the company’s previous Series A round, which raised $10.5 million.
The latest funding was led by Temasek Holding Ltd., a prominent entity based in Singapore, alongside notable stakeholders including Quantum Light Management Ltd., Plural Ventures LLC, and AFG Partners LLC.
Robin says that these funds will be used to expand the startup’s operations across the US, which already accounts for three-quarters of its total revenue. Additionally, the company aims to extend its footprint into the Asia-Pacific region and hire more AI and machine learning talent.
Hailing from the United Kingdom, Robin AI is among the rising cohort of startups capitalizing on the copilot concept, infusing AI functionalities into conventional office software. Robin AI was founded by a machine learning research scientist alongside a lawyer in 2019. The company’s AI product is based on Anthropic’s Claude AI model that rivals OpenAI’s GPT.
The Claude Large Language Model (LLM) has a strong emphasis on creating and analyzing documents since it has been trained on more than 2 million contracts and machine learning algorithms specific to learning and understanding contracts. According to Robin, Copilot is the only AI product using Claude’s LLM for legal work.
The Robin copilot, accessible as a Microsoft Word add-in, allows users to accelerate the contract creation process, with the capability to craft contracts in a matter of minutes. Furthermore, it facilitates the review of existing contracts through straightforward language prompts, while also identifying and suggesting edits.
Robin claims that this AI assistant can save up to 80% of user time. In addition to expediency, it offers substantial cost reductions, estimated at 75%, making it a compelling choice for businesses seeking efficiency gains. Moreover, the technology serves as a reliable guardian against the risk of crucial details being overlooked during contract reviews, underscoring its invaluable role in enhancing accuracy and thoroughness.