The developer of an artificial intelligence “copilot” for creating and reviewing contracts, Robin AI Ltd., has announced today that it has secured \(26 million in new funding rounds, bringing its total funding to nearly \)43 million. Merely ten months have elapsed since the Series A round, which initially raised $10.5 million.
This UK-headquartered company is among the growing cohort of startups focusing on integrating AI capabilities into everyday business processes through the copilot paradigm. Founded in 2019 by a legal professional and a machine learning research scientist, Robin AI utilized the significant language model Claude from Anthropic PBC to power its technology.
By leveraging a repository of over 2 million agreements and machine learning algorithms specifically designed for contract analysis, Robin AI has honed its capabilities. The company asserts its distinction as the sole Anthropic partner utilizing Claude for legal applications.
The recent unveiling of Claude 2.1 in late November empowers the model to handle documents of up to 150,000 terms, enabling functions such as summarization, responding to queries, trend forecasting, comparative analysis, and other analytical tasks. Robin AI positions this as the most suitable language model for legal contexts.
The Robin copilot, a complimentary Microsoft Word add-in, facilitates swift contract generation, review through intuitive prompts, and identification of potential revisions. Robin AI claims that its solution can slash costs by 75%, expedite contract review by over 80%, and mitigate the risk of overlooking critical details.
Their no-cost self-service tool, available as a Microsoft Word plug-in, empowers domain experts to draft and assess contracts more efficiently and economically. Complemented by an in-house team of 45 legal professionals, the platform offers advanced AI functionalities as managed services, enabling comprehensive contract analysis and feedback.
The company reports a workforce exceeding 100 employees and a revenue surge of fourfold in the past year. Notable clients encompass Yum!, PricewaterhouseCoopers International Ltd., and PepsiCo Inc. Robin AI intends to utilize the funding to bolster its operations in the U.S., which presently contributes three-quarters of its revenue, expand into the Asia-Pacific region, and augment its cadre of AI and machine learning specialists.
Temasek Holding Ltd., based in Singapore, led the funding round, with Quantum Light Management Ltd, Plural Ventures LLC, and AFG Partners LLC also participating in the investment.
