Robin AI scoops $10.5 million for its “lawyer-in-the-loop” generative AI model

Robin AI’s lawyer-in-the-loop model is accelerating preparation of legal contracts on behalf of SMEs, many based in the US.

 

Getting legal representation doesn’t come cheap. Yet letting a legal problem simmer beneath the surface potentially just stores up further difficulties  — a UK YouGov survey in 2021 reported every year SMEs lose up to £13.6 billion for failing to tackle legal quandaries head on.

Legal counsels often are some of society’s best paid employees. Their work ethic and specialised knowledge is often irreplaceable and this accounts for much of the cost of their commission.

Attempting to square the equation, to democratise best legal practice at SMEs with tighter financial resources, are a wave of legal tech firms deploying AI like natural language processing, or OCR, to streamline workflows or in some cases reduce the need for lawyers to get involved.

The latter aim is the goal of London-based generative AI in contract law startup Robin AI, which is announcing a $10.5 million round led by Plural, the VC co-founded by Wise visionary Taavet Hinrikus, with further participation from Episode 1 and angel investor Tom Blomfield, among others.

Robin AI has seen revenues soar 20-fold since its previous fundraise, a $3 million seed round in 2021 that drew support from Google Black Founders Fund; the startup’s CEO, Richard Robinson, is Black.

The software is marketed under a freemium model, with a free “self-serve” version that allows SMEs to automate manual processing of run-of-the-mill contracts.

More advanced features allow companies to efficiently edit massive volumes of bespoke term agreements, with support from Robin AI’s in-house legal team comprising 30 qualified lawyers.

Robinson himself is a former member of the bar having practised law for leading legal firm Clifford Chance; he’s joined by a former King’s College London and Imperial London research scientist, James Clough, along with a roster of 75 full-time employees.

While based in London, Robin AI is mainly deploying its software in the US where customers have accounted for around three-quarters of its revenue.

The platform is described as a “lawyer-in-the-loop model” and that’s allowing Robin AI to champion it as an antidote to industry fears about automation.

 

Read more at  https://tech.eu/2023/02/27/robin-ai-scoops-105-million-for-its-lawyer-in-the-loop-generative-ai-model/