Robin AI Reports will help businesses close deals faster by radically disrupting the pace of due diligence and negotiations
LONDON, June 13, 2024 /PRNewswire/ — 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.
Contact: press@robinai.com
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