LegalTech Robin AI has raised almost £21 million in new funding as it eyes further global expansion.
The Series B round is led by Temasek, a global investment company headquartered in Singapore. Other investors include QuantumLight, Plural and AFG Partners.
Robin AI was founded in 2019 by Richard Robinson (pictured), a lawyer at Clifford Chance, and James Clough, a machine learning research scientist at Imperial College. It leverages the power of 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 simple search.
Its legal co-pilot, available as a Microsoft Word add-in, can cut the time it takes to review contracts by 85%, it claims. Earlier this year, it 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.
Claude 2.1 allows much longer prompts than other LLMs – around 150,000 words in each prompt – a key benefit for analysing long and complex legal documents.
Robin AI’s hybrid model combines the Claude LLM with its own proprietary contract data, from over 2m contracts, and machine learning techniques to read and understand contracts. It also has an in-house team of legal professionals.
Robin AI has seen significant traction for its contract copilot with customers increasing by 4x in the past year and revenues by 5x. It has seen especially strong demand from the private equity sector. Customers include Pepsico, PwC, Yum! Brands, AlbaCore Capital Group and BlueEarth Capital.
CEO Robinson has relocated to New York to support the US expansion. He said: “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, 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.”
The funding will allow Robin AI to expand its team on the ground in the US, where three-quarters of its revenue is already derived from; as well as opening an office in Singapore to expand into Asia Pacific.
Carina Namih, partner at Plural, added: “Everyone is wondering how AI lands usefully. Robin is delivering AI products to an astonishing volume and range of customers – serious businesses across sectors that are using it today to transform how they work. And they’ve only scratched the surface.
“I have backed this team since inception and couldn’t be more bullish about their ability to win the global legal market.”
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