London, United Kingdom-based AI-powered legal copilot, Robin AI raised USD 26 million in new funding. The company announced the fundraise on January 2, 2023. Temasek, a global investment company headquartered in Singapore led the financing for the company. Meanwhile, other investors QuantumLight, Plural and AFG Partners also participated in the financing.
Purpose of financing for Robin AI
Robin AI seeks to capitalise on the strong momentum as it sees a very fast-moving market. The company has plans to expand its team on the ground in the US where it derives three-quarters of its revenue. It also seeks to open an office in Singapore to expand into Asia Pacific. The investment further will expand its existing team of AI and machine learning experts.
What the Robin AI official has to comment
CEO and co-founder Richard Robinso, said, “We’ve seen incredible customer traction with what we believe is the smartest AI contract copilot on the market. But this is just the beginning. We are building the AI platform for the legal sector – a service that deeply understands every aspect of the legal function, from drafting contracts, and researching case law to explaining legal concepts – our AI will help people tackle every legal task. This will help level the playing field between big and small law firms and help more people access legal services. This investment will help us to realise this vision.”
What the investors have to comment
Carina Namih, Partner at Plural, said, “Everyone is wondering how AI lands usefully. Robin is delivering AI products to an astonishing volume and range of customers – serious businesses across sectors that are using it today to transform how they work. And they’ve only scratched the surface. I have backed this team since inception and couldn’t be more bullish about their ability to win the global legal market.”
In addition, Ilya Kondrashov, CEO at QuantumLight, said, “Robin AI has built a great team and product and has developed an impressive record of acquiring major enterprise accounts in a short period of time. As an AI-driven VC firm, we immediately saw the potential of Robin AI’s system to drive tremendous efficiency in the field of legal services. We are extremely grateful for the opportunity to come along with Richard, James and the wider team at Robin AI on their exciting journey to realise the potential of AI and build one of the most significant companies in the AI applications space.”
Besides, Ivan Ong, Partner at AFG Partners, said, “Robin AI is addressing a central issue in the legal industry, and in a short time has positioned itself as a market leader in a space that has significant growth potential. As a global fund backed by investors from financial services, we believe that there should be a better way to manage the growing number of legal contracts between stakeholders. Robin AI is highly applicable across our network of investors and ecosystem partners and we look forward to scaling the company deeper into Asia and globally. We are pleased to join Temasek and other seasoned investors as we support Robin AI on its growth journey.”
About Robin AI
Richard Robinson and James Clough founded the company in 2019. Robin AI serves a diverse range of customers from large multinational corporations to SMEs and scale-ups.
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