London-based legal tech startup Robin AI has raised $26 million in Series B funding as demand grows for AI tools that can automate contract work. The round was led by Singapore’s state investment firm Temasek, showing investor enthusiasm for Robin AI’s global expansion plans.
In October last year, Robin launched an AI-powered "legal copilot" that acts as a virtual assistant within Microsoft Word to speed up contract drafting and review. As one of Anthropic's launch partners, Robin AI utilizes Claude 2.1, a model that stands out for its ability to process extensive prompts, essential for analyzing lengthy and intricate legal documents. The safety and reliability of Claude 2.1 further enhance Robin AI's commitment to quality and accuracy.
Robin AI says its copilot can cut contract review times by 85%, allowing legal teams to work faster. The service has seen 5x year-over-year revenue growth as Fortune 500 brands signed on, including Pepsico, PwC, and Yum Brands.
"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," said Robin AI CEO and co-founder Richard Robinson.
The fresh funding will drive Robin AI's push into the United States, where it already generates 75% of revenues, as well as Asia Pacific with a new Singapore office. The London-based company will expand its core engineering and AI team to keep innovating within the fast-changing AI space.
Multiple investors joined Temasek in the oversubscribed round, including QuantumLight and Singapore's AFG Partners.
"Robin is delivering AI products to an astonishing volume and range of customers – serious businesses across sectors that are using it today to transform how they work. And they’ve only scratched the surface," said Carina Namih, Partner at Plural.