Rise of the robot lawyer

by Silvia Saccardi 27 February 2023

British AI startup Robin AI has secured $10.5m to enhance the development of a robot lawyer with the ability to draft legal contracts.

The fundraise was led by Plural and a group of angel investors, including the founder of Monzo Tom Blomfield, and executives from Bridgepoint, Apollo, Clifford Chance and Barings.

The AI tech provider aims to utilise its partnership with Anthropic, a developer of “large language models” to enhance the AI algorithm and produce reliable information.

The aim of the technology is to reduce legal costs and provide wider access to legal services.

The machine learning model has been trained using data from 4.5 million legal documents and claims to speed up the drafting of contracts by 60-80%, thus saving on legal fees. The technology aims to help read documents, highlight key legal issues and suggest edits to contracts. A human lawyer will be expected to approve any changes made by the bot.

CEO and founder of Robin AI, Richard Robinson, commented: “We have grown revenue 20x since our last fundraise and are already cashflow positive, reviewing over 12,000 contracts per year. We are adding a set of customers to our existing base of private equity and financial services clients, including law firm Clifford Chance and impact fund Blue Earth Capital.”

Categories: NewsFundraising & fund structuringData roomFund docsOutsourcingIT & cyber securityLegal & compliance advisoryReporting & Transparency TemplatesTechnologyData roomTech providers

27 November 2023

Profile: Martim Avillez, Limerston Capital

The COO and founding partner discusses setting up the firm’s operations, combining them with his investment duties and navigating difficult times

28 November 2023

Luxembourg’s private debt industry expands

According to a KPMG survey, AUM grew by 51% during the last year; changes in fund vehicles but LP base largely unchanged

28 November 2023

Bite Investments launches wealth management feature

Company’s platform to connect asset managers with wealth managers to facilitate fundraising

28 November 2023

Carbon Accounting Alliance launches

Group of 35 organisations represents emissions of 24,000 companies

28 November 2023

Moving surety from obscurity

Surety could be an overlooked, low cost liquidity solution in a time of portfolio optimisation

27 November 2023

Home game Sweden

A change in tax legislation and ethical considerations are leading Swedish PE firms to onshore their funds