Start-up secures funding for robot lawyer
An artificial intelligence start-up has struck a deal to develop a robot lawyer that can draft contracts.
Robin AI has secured $10.5m (£8.8m) in equity funding and is developing a bot to parse contracts and suggest new wording to lawyers.
It has been developed in conjunction with a rival to OpenAI, the US start-up behind ChatGPT. Robin AI has partnered with Anthropic, which is backed by Google and has raised more than $1 billion.
Magic circle firm Clifford Chance is currently using the technology, which sees a human lawyer review and sign off on changes made by AI.
CEO and founder Richard Robinson said: “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.”