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2019
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New generative AI tool turns contracts into goldmines of structured dataNEW YORK, Jan. 16, 2025 /PRNewswire/ -- Legal data has long been the missing piece in many companies' data strategies — now an innovative AI tool structures contract data with unprecedented ease, allowing legal teams to share data across the business.Why it matters: Robin AI's legal assistant now allows companies to generate standardized pieces of legal information from contract texts. Through the deeper analysis companies can now perform on their contracts, they have new ways to grow revenue, manage risks, and identify competitive advantages.Robin's "Answer Types" feature — part of its groundbreaking Robin Reports product — allows legal teams to create structured data at scale, by importing data into popular software such as Microsoft Excel, and other Customer Relationship Management and Contract Lifecycle Management tools.How it works: Legal teams can set their preferred Answer Type for each question they ask of their contracts using Robin Reports, such as "text", "number" or "date."Within each answer type, further details can be specified. For example:Number answers can be requested in "percentage", "currency" or "general" number formats.Text answers can be requested as narrative "summary" or as "shortest answer."Users do not need to be prompt engineers — Answers Types guides users toward successful questions, allowing them to create a fully customizable report on their contracts.Answers can be as short as one number or word, in the case of yes/no questions. Text answers can be a single short sentence, instead of the 2-3 sentence answers offered in earlier versions of Robin Reports.Robin's model is conditioned not to be over-confident: The model will refuse to answer questions where it cannot determine an answer in the requested format, replying with "N/A."What they're saying: "This is the start of a monumental transformation in how legal teams operate," said Robin AI CEO and co-founder Richard Robinson, a former Clifford Chance lawyer."We are entering an era where businesses can use AI to easily create data assets out of their contracts and legal documents," Robinson said."Whether you've got 10 contracts or 10,000, you can extract what you need, and get precise and standardized answers to your questions with Robin Reports," Robinson said."Legal departments can now easily share valuable data with other teams. Lawyers will be able to spend more time helping their businesses to grow," he added.Context: Robin Reports provides the first versatile application for lawyers and non-lawyers to extract and synthesise information from across hundreds or thousands of legal documents at once, saving them up to 98% of their time in reviewing these documents.Now, with Answer Types, legal teams can get more concise answers, and perform deeper analysis because the data is structured.Previous efforts to use CRM and CLM software to generate structured data have ended either in failure, or were expensive because legal teams still needed to manually map contract data into spreadsheet fields.Logo - https://mma.prnewswire.com/media/2261385/Robin_AI_Logo.jpg
In a surprise move, Robin AI, which works with the likes of GE, Pfizer and PwC on genAI contract review, is doubling down on servicing the world of small-to-medium size law firms via a tech deal with Dye Durham, the publicly-listed legal practice management group.GenAI-focused Robin AI, which also maintains a team of human reviewers, has for some time kept a number of smaller law firm customers on its books. In fact, in October, James Clough, CTO, told this site: ‘Smaller law firms…have to scrap for their work. So, using tech is a differentiator, while they also tend to do more fixed rates work [which efficiency tools support].’The company said that Robin AI’s due diligence and contract drafting and editing capabilities will now be offered to around 60,000 lawyers supported by Dye Durham globally – in effect a huge expansion of its efforts to sell to Small Law.The offering from Robin AI will allow smaller law firms to:. ‘Review lengthy, in-depth contracts in seconds — compared to the hours it takes to manually review contracts — suggesting changes to language, and identifying alternate texts from a vast, proprietary database.And, have access to an extensive library of customisable lawyer-developed, in-demand contracts (like NDAs, Retainer Agreements, Employer Agreements and more)’. Robin AI’s CEO, Richard Robinson, commented: ‘Legal AI makes every lawyer more efficient. We’re busting our guts to level the playing field between small law and Big Law
Robin AI has raised an additional $25M in a Series B extension, with support from Cambridge University and PayPal Ventures. The legal AI leader, serving 13 Fortune 500 companies, now earns $10M in annual recurring revenue. Notable investors include Michael Bloomberg’s family office and AFG Partners. Founded in 2019, Robin AI combines human expertise with AI, offering solutions like Robin Reports for legal document summarization. The company has expanded its US operations sixfold this year.
Robin AI, a London, UK-based provider of legal AI for business, raised $25M in funding
Robin AI, a London-based legal tech company, secured a $26M Series B funding round led by Temasek. The funds will support its global expansion, including a U.S. push and a new office in Singapore. Robin AI's solution, which automates contract processes, is used by companies like Pepsico and PwC. The company has seen a 4x increase in its customer base and a 5x revenue growth in the past year. CEO Richard Robinson aims to make legal services more accessible with their AI platform.