Robin AI Reports will help businesses close deals faster by radically disrupting the pace of due diligence and negotiations
LONDON, June 13, 2024 -- Robin AI, the AI-powered legal assistant, today announced a revolutionary new product line, Robin AI Reports, which automates a key piece of due diligence and negotiations, providing a boost to the sluggish pace of M&A.
The new offering can generate reports on contracts in minutes — solving expensive pain points for legal teams, by dramatically 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.
A free version of Robin AI Reports is available as part of the company's commitment to democratizing access to legal services.
The product was launched live on-stage at London's LegalTechTalk Conference.
Why it matters: Robin AI is the first to market automating a key piece of due diligence and negotiations.
- The Reports product can deliver a single report analyzing many legal texts, going much further than a simple summary.
- It will help legal teams close deals faster, changing how M&A and IPOs will be conducted — providing a boost to an otherwise sluggish deals environment.
- Robin AI's biggest product launch yet will also save investors' money — the multi-million prices charged by large law firms are now optional.
- Reports equips C-Suite executives and board members with the information required to get alignment on key issues, removing blockers and delays from processes.
How it works: Reports can be run across hundreds of contracts at once, avoiding delays caused by lawyers needing to review and summarize contracts one-by-one.
- Through the Robin AI platform, lawyers can click to generate a report which is emailed to them on completion.
- Users build a list of 'red-flag' issues, and deviations from preferred positions, which they want summarized for each contract.
- Robin AI Reports then provides an accurate summary of the issues for each contract, with clear citations, so that the summary can be easily verified by a human.
- The easy-to-read reports can be generated for a wide range of purposes including M&A due diligence, NDA compliance, supplier agreements and audits.
- Users can access 3 reports per month for free.
Case in point: Robin AI Reports was developed with partners including the University of Cambridge, who have been using the product since April.
- A task that used to take 3 hours to complete by Cambridge's senior in-house lawyers now takes 30 minutes on average — a roughly 85% time saving.
Context: Robin AI partners with AWS and Anthropic.
- Amazon Bedrock allows Robin AI to leverage Anthropic's powerful Claude 3 generative AI model alongside Robin's own models, while ensuring customer data remains secure and compliant with local data regulations.
- A copy of Claude 3 exists inside Robin AI's cloud environment, meaning user data never leaves Robin's cloud.
What they're saying:
- "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," Clough said.
- "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, Private Assets at University of Cambridge Investment Management
- "They are also easy to generate and review, meaning you do not have to be a lawyer or AI expert to harness the benefits from the platform," Sturge said.
About Robin AI: 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.
- Robin AI raised $26M in Series B funding in January and recently appointed Scott Casey as CFO, cementing its leadership in the fast-growing legal AI sector.
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