202402 Jan

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

Summary

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. The company said its 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. 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. 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.Your vote of support is important to us and it helps us keep the content FREE.

Source: Siliconangle

Funding

$26M
Amount
Jan 02 2024
Date
-
Investor
Robin AI
Company

Classifications

Companies