Robin AI, a London, UK-based legal infrastructure company that makes contracts simple and fast with AI, raised $10.5 million in Series A funding.
The round was led by Plural, with participation from Episode 1 and a cohort of angel investors, including Tom Blomfield and senior executives across the legal and private equity industries from Bridgepoint, Apollo, Clifford Chance, and Barings.
The funds will be used to accelerate and scale its mission to change the way the legal industry works by using the latest in AI and generative models combined with ‘lawyers-in-the-loop’ to make simple tasks easier, reduce legal costs, and provide widespread access to legal services.
Richard Robinson, CEO and founder of Robin AI noted “We have grown revenue 20x since our last fundraise and are already cash flow positive, reviewing over 12,000 contracts per year. This latest funding round will further develop our tech team and has enabled us to acquire a cohort of customers from LawGeex, whose customers include UBS, PWC, eBay, and Pepsi. We are adding a set of these customers to our existing base of private equity and financial services clients, including law firm Clifford Chance, and impact fund Blue Earth Capital.”
The company machine learning model is trained on proprietary data from 4.5 million legal documents, enabling users to draft and negotiate contracts 60-80% faster, saving up to 75% on legal fees. These savings are enabled by its unique “SaaS + services” business model, which combines a ‘lawyer-in-the-loop’ with the latest machine learning technology and the integration of the latest models from Anthropic.
Robin AI makes its self-serve product publicly available, enabling individuals, startups, and others to process legal contracts at little to no cost.
Company: Robin AI Limited
Raised: $10.5M
Round: Series A
Funding Month: February 2023
Lead Investors: Plural
Additional Investors: Episode 1 and Tom Blomfield
Company Website: https://www.robinai.co.uk/
Software Category: Contract Management Software
About the Company: Founded in 2019 by Richard Robinson, and James Clough, Robin AI is a legal infrastructure business that rethinks how contracts are drafted, negotiated, and used. By using a combination of software, machine learning, and expert human reviewers, Robin AI makes contracts simple by automating contract management. The company serves a diverse range of customers, from large multinational corporations to SMEs and scale-ups. Some of the world’s leading private equity firms, top-tier law firms, and corporates are using its service to increase contract efficiency and reduce costs. Robin AI has a team of 75 full-time employees based in London, UK, but operates globally, with 75% of its revenue derived from the US.
Source: https://www.robinai.co.uk/post/robin-raises-series-a