UPDATED 19:01 EDT / JANUARY 02 2024


Robin AI’s legal copilot gets $26M venture infusion

Robin AI Ltd., the developer of an artificial intelligence “copilot” for creating and reviewing legal contracts, today said it has raised $26 million in a new funding round, bringing its total funding to nearly $43 million.

The Series B round comes just 10 months after its previous $10.5 million Series A round.

The UK-based firm is one of the growing number of startups that are building on the copilot concept to add AI features to standard office software. Co-founded in 2019 by a lawyer and a machine learning research scientist, the company based its technology on Anthropic PBC’s Claude large language model.

That LLM has been fine-tuned with a database of more than 2 million contracts and machine learning algorithms specific to reading and understanding contracts. The company said it’s the only Anthropic launch partner to apply that LLM to legal work.

Claude 2.1, which was announced in late November, allows prompts of up to 150,000 words from which it can summarize, answer queries, forecast trends, compare and contrast multiple documents and perform other types of analysis. That makes it the best-suited LLM for legal use cases, Robin AI said.

The Robin copilot, which is available as a free Microsoft Word add-in, can be used to create contracts in minutes, review existing contracts using plain language prompts and identify and propose edits. Robin AI says its technology can cut the time required to review contracts by over 80%, reduce costs by 75% and limit the risk that important details will be missed during reviews.

Its free self-serve software, which is available as a Microsoft Word plug-in, helps subject matter experts create and process contracts faster and at lower costs. More advanced AI features available as a managed service can edit and query large volumes of contracts with support from an in-house staff of 45 legal professionals.

The company said it currently employs more than 100 people and that revenues have quintupled in the past year. Customers include PepsiCo Inc., PricewaterhouseCoopers International Ltd. and Yum! Brands Inc. Robin AI said the funding will be used to expand its U.S. operations, which already contribute three-quarters of its revenue, expand into the Asia-Pacific region, and add to its roster of AI and machine learning experts.

Funding was led by Singapore-based Temasek Holding Ltd. with participation by Quantum Light Management Ltd., Plural Ventures LLC and AFG Partners LLC.

Photo: Pixabay

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