Robin AI Announces Previously Undisclosed $25 Million Raise
The contract drafting and review provider noted that the raise happened ‘earlier in 2024’ and included funding from existing investors and customers.
November 13, 2024 at 11:37 AM
2 minute read
Legal TechnologyThis article has been updated with comments from Robin AI Head of Comms and PR Ryan Heath
On Tuesday, generative AI-powered contract drafting and review provider Robin AI announced that it raised an additional $25 million outside of traditional funding rounds earlier this year. The investment came after the company announced that it raised $26 million in a series B funding round led by Singapore-headquartered global investment company Temasek in January.
Based in London, Robin AI was founded in 2019 by former Clifford Chance and Boies Schiller Flexner associate Richard Robinson and machine-learning research scientist James Clough. The company offers an "AI Copilot" that leverages Anthropic's generative AI Claude models and proprietary AI systems to automate contract drafting, review and data extraction.
In the blog post, Robin AI noted that investors that participated in the $25 million raise included existing investors and customers, such as PayPal Ventures, Michael Bloomberg’s family office and Cambridge University.
The company called the investment “an opportunistic raise outside of a fundraising cycle to seize momentum generated by its” January funding round and the June release of Robin AI Reports, which allows users to run reports flagging issues with contracts. Robin AI expanded its Reports offering in October to cover additional types of contracts.
The new funding also came during a year when Robin AI expanded its international presence—opening a new office in Singapore over the summer—and partnered with Amazon Web Services (AWS) to build and expand its AI model’s capabilities.
Ryan Heath, Robin AI head of communications and PR, told Legaltech News in an email that recent product updates were supported by the $25 million raise. “For example, with the new money we were able in mid-October to launch an update to Reports, just three months after we launched it. And then in November were able to integrate the latest Claude 3.5 model updates from Anthropic (which came out late October) in less than two weeks.”
Heath added, “Robin will use the funding to continue adding more features to Robin Reports, which allows users to ask unlimited questions about a set of documents. … In 2025 we’ll use the money to continue to expand our U.S. go-to-market operation, and our engineering and legal teams.”
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