- The Robin copilot, a free Microsoft Word add-in, enables quick contract creation, review through plain language prompts, and identification of edits.
- According to Robin AI, its technology has the potential to reduce contract review time by more than 80%, decrease costs by 75%, and minimize the risk of overlooking crucial details during reviews.
Recently, Robin AI Ltd., the creator of an artificial intelligence “copilot” designed for crafting and reviewing legal contracts, announced a new funding round of USD 26 million. This brings their total funding to nearly USD 43 million.
The Series B funding round follows closely on the heels of its preceding Series A round, which raised USD 10.5 million just ten months ago.
The UK-based company is among the increasing number of startups incorporating AI features into standard office software, drawing inspiration from the copilot concept. Founded in 2019 by a lawyer and a machine learning research scientist, the company’s technology is rooted in Anthropic PBC’s Claude large language model.
A database containing over 2 million contracts and machine learning algorithms tailored to contract reading and comprehension have been utilized to refine this LLM. It is the only Anthropic launch partner to apply that LLM to legal work, according to the organization.
Claude 2.1, which was introduced in late November, can summarize, respond queries, forecast trends, compare and contrast multiple documents, and perform other forms of analysis in response to prompts of up to 150,000 words. According to Robin AI, this makes it the most suitable LLM for legal use cases.
As a no-cost add-in for Microsoft Word, the Robin copilot enables users to generate contracts within minutes, assess pre-existing contracts through the utilization of straightforward language prompts, and suggest revisions. According to Robin AI, its technology can reduce expenses by 75%, the time needed to evaluate contracts by more than 80%, and the likelihood that critical details will be overlooked.
As a Microsoft Word plug-in, its free self-service software enables subject matter experts to generate and process contracts more quickly and at a reduced cost. As an enhanced AI capability offered as a managed service, substantial quantities of contracts can be edited and queried with the assistance of 45 in-house legal experts.
The company reported a current workforce of over 100 employees, with revenues having quintupled in the past year. Notable customers include PepsiCo Inc., PricewaterhouseCoopers International Ltd., and Yum! Brands Inc. Robin AI intends to utilize the funding to grow its U.S. operations, which presently contribute three-quarters of its revenue, expand into the Asia-Pacific region, and augment its team with additional AI and machine learning experts.
The funding round was spearheaded by Temasek Holding Ltd. based in Singapore, with contributions from Quantum Light Management Ltd., Plural Ventures LLC, and AFG Partners LLC.