Monzo Founder Participates in $10.5M Fundraiser for UK’s Robin AI

Robin AI has raised $10.5 million for its legal industry-focused artificial intelligence (AI) tool.

The British company announced Series A funding on Monday (February 27), saying it would help the company develop its technology team and attract new customers.

“There is no doubt that AI is exploding,” the company said in a press release. New technologies that push the boundaries of what is feasible always raise questions of both safety and economics.”

The funding round was led by venture capital firm Plural, with participation from Episode 1 and a group of angel investors including Tom Blomfield, former CEO of digital bank Monzo.

According to Robin AI, its machine learning model is trained on proprietary data from 4.5 million legal documents. It allows users to draft and negotiate contracts 60% to 80% faster, resulting in savings of up to 75% on legal fees.

“These savings are made possible by our unique ‘SaaS + Services’ business model, which combines a ‘lawyer-in-the-loop’ with the latest machine learning technology and integration of Anthropic’s latest models,” the company said. research and security company.

The funding round comes at a time when “the world is entering a new age of generative AI and there is no going back,” as PYMNTS wrote earlier this month.

And that’s despite the fact that a botched demonstration of this next-generation AI technology managed to wrest $100 billion from a company like Google’s parent company Alphabet when Bard, the new “intelligent AI” chatbot of the technology mammoth, divulging inaccurate information in response to an inquiry.

“That’s how high the expectations are for the new machine learning tool,” wrote PYMNTS.

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Tech innovations, powered by generative AI, have quickly gained prominence in the market after OpenAI’s almost overnight success ChatGPT, in which Alphabet competitor Microsoft invested billions. And industry watchers have pointed out that Microsoft’s advances in deploying the future-ready AI technology across its software suite may have prompted Alphabet to launch Bard.

“Established blue-chip tech giants, whose company valuations have come under pressure over the past year, are now turning to generative AI to reclaim both their innovation credentials and the high-growth valuations that cutting-edge companies typically achieve.” PYMNTS wrote.

Also this month, Bain & Company and OpenAI formed a global services alliance to enable a “huge wave of innovation” around AI.

The partnership combines Bain & Company’s digital implementation capabilities and strategic expertise with OpenAI’s AI tools and platforms to help clients realize the value of the technology, with potential use cases including AI-engineered ad copy for Marketers and the generation of digital communications for financial advisors.

“AI has reached an inflection point and we foresee a huge wave of change and innovation for our customers across all industries,” said Manny Maceda, Managing Partner of Bain & Company Worldwide, at the time.

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