AI legal assistant Robin AI today (13 June) announced a new product line, Robin AI Reports, which automates a key piece of the M&A due diligence process.
The new offering can generate reports on contracts “in minutes”, cutting the time and cost of manual work in due diligence around M&A, IPOs, and other asset management including real estate and debt financing.
The product was launched on-stage at London’s LegalTechTalk Conference.
The Reports product can deliver a single report analyzing many legal texts, going much further than a simple summary. Robin AI says that it will help legal teams close deals faster, helping investors to save time and money.
Reports can be run across hundreds of contracts at once, with users able to build a list of ‘red flag’ issues where contracts deviate from their preferred positions.
Robin AI Reports was developed with partners including the University of Cambridge’s Investment Management, who have been using the product since April. We’re told that a task that used to take 3 hours to complete by Cambridge Investment Management’s senior in-house lawyers now takes 30 minutes on average — a roughly 85% time saving.
Robin AI partners with AWS and Anthropic. Amazon Bedrock allows Robin AI to leverage Anthropic’s Claude 3 generative AI model alongside Robin’s own models. A copy of Claude 3 exists inside Robin AI’s cloud environment, meaning user data never leaves Robin’s cloud.
“With Robin AI Reports, M&A, IPO, and other asset transactions no longer have to grind to a halt for weeks for due diligence, ” said James Clough, CTO and co-founder of Robin AI, at the LegalTech Talk conference in London.
“We’re helping businesses close deals faster and are proud to be the first in our industry to do this.”
“We have found the reports to be incredibly helpful, saving our team many hours and enabling us to conduct legal reviews in a more accurate way,” said Sam Sturge, director of private assets at University of Cambridge Investment Management
Founded in 2019 by Richard Robinson, a lawyer at Clifford Chance, and James Clough, a machine learning research scientist at Imperial College, Robin AI now has 140 full-time employees and over 100 customers.
It raised $26M in Series B funding in January and recently appointed Scott Casey as CFO.