UK-based AI-driven legal copilot, Robin AI today announced that it raised $26 million in a new Series B funding round led by Temasek, a global investment company headquartered in Singapore. Other investors include QuantumLight, Plural and AFG Partners.
According to the company, the new funding will allow it to capitalize on the current strong momentum of the legal market. This includes expanding its team in US where three-quarters of its revenue originates, and establishing an office in Singapore for an entry into the Asia-Pacific region.
The investment will also be utilized in expanding its existing team of AI and machine learning experts.
“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, and researching case law to explaining legal concepts – our AI will help people tackle every legal task,” said Richard Robinson, CEO and co-founder of Robin AI.
“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,” Robinson added.
Robin AI Addresses Legal Industry Issues
The company’s contract copilot was recently launched as a Microsoft Word add-in making it even easier for lawyers to incorporate into their day-to-day work. The copilot can be trained with a customer’s negotiating playbook and will quickly review a contract, identify clauses, and propose edits, which can easily be accepted or rejected – all while ensuring lawyers retain full control.
The Robin copilot also allows customers to use natural language search to find information, such as obligations, across all of the contracts they have signed.
“As a global fund backed by investors from financial services, we believe that there should be a better way to manage the growing number of legal contracts between stakeholders. Robin AI is highly applicable across our network of investors and ecosystem partners and we look forward to scaling the company deeper into Asia and globally,” said Ivan Ong, Partner at AFG Partners. “We are pleased to join Temasek and other seasoned investors as we support Robin AI on its growth journey.”
Earlier this year, Robin AI joined Anthropic as a key launch partner for Claude, Anthropic’s Large Language Model (LLM). Claude 2.1, exclusive to Robin AI, excels in legal work by allowing longer prompts, crucial for analyzing complex legal documents with up to 150,000 words.
Robin AI’s hybrid model combines Claude with its proprietary contract data from over 2 million contracts, employing machine learning techniques for comprehensive contract analysis.
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