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AI Driven, Robot Lawyer Project Raises $10.5M Backed by Monzo and Wise Founders

City A.M. | Louis Goss and Charlie Conchie | Feb 27, 2023

AI Robot project - AI Driven, Robot Lawyer Project Raises $10.5M Backed by Monzo and Wise Founders

A City computing company has raised $10.5m (£8.8m) from backers including top execs from Magic Circle law firm Clifford Chance to develop an artificial intelligence (AI) driven, robot lawyer.

  • Robin AI was founded by ex-Clifford Chance lawyer Richard Robinson and machine learning researcher James Clough in 2019. The software developer now employs 75 full time staff in developing its AI products.  Robin AI, which uses AI to generate legal documents, said it had bagged $10.5m funding in a round led by Plural, the venture capital firm founded by Wise co-founder Taavet Hinrikus.
    • Robin AI says its machine learning model allows users to draft and negotiate contracts 60-80 per cent faster while saving up to 75 per cent on legal fees, as well as keeping a “lawyer-in-the-loop” throughout the process.
    • The firm said it already counts a host of large “multinational corporations” as well as SMEs and scale-ups among its customer base and has seen revenue grow over 20 times in the past year.
    • Monzo founder Tom Blomfield has also backed the round as an angel investor, alongside senior chiefs from private equity firms Bridgepoint and Apollo, and law firm Clifford Chance, an existing client of the company.

See:  AI Robo-lawyer is Set for Its First U.S. Court Case

  • The fundraise comes amid a wave of investor interest in artificial intelligence, after AI-powered chat software Chat GPT sent shockwaves across the tech sector following its launch late last year.

Robin AI’s founder, Richard Robinson:

New technologies that push the boundaries of what is possible always bring questions of both safety and commercial viability.  We believe that AI is bringing about an infrastructure-level change to modern software and our rapid traction in the legal market is testament to its potential.

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