Robin AI's product, based on Anthropic’s Claude AI model, is designed to streamline the contract creation process and review existing contracts. The AI assistant, which is accessible as a Microsoft Word add-in, can reportedly save up to 80% of user time and reduce costs by 75%. The technology also helps prevent crucial details from being overlooked during contract reviews, enhancing accuracy and thoroughness.
Key takeaways:
- Robin AI Ltd., an AI developer specializing in legal contracts, has secured $26 million in a new funding round, bringing its total funding to nearly $43 million.
- The latest funding was led by Temasek Holding Ltd., with participation from Quantum Light Management Ltd., Plural Ventures LLC, and AFG Partners LLC.
- The funds will be used to expand Robin AI's operations in the US and the Asia-Pacific region, and to hire more AI and machine learning talent.
- Robin AI's product, an AI copilot for Microsoft Word, can create and review contracts, potentially saving users up to 80% of their time and reducing costs by an estimated 75%.