A authorized expertise start-up which was feted as one of many trade’s most promising gamers after elevating tens of thousands and thousands of kilos from blue-chip buyers is on the point of promoting the majority of its operations to a rival.
Sky Information understands that Robin AI, which was pressured to put off an enormous chunk of its workforce through the autumn after a brand new funding spherical did not materialise, is promoting its managed providers division to Scissero, a UK-based peer.
Sources stated the deal, which was stated to have been struck at a knockdown worth, was more likely to be introduced publicly on Wednesday.
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In 2023, Robin AI was hailed by Rishi Sunak, the then prime minister, for “revolutionising the authorized occupation, writing contracts in minutes, saving companies and clients money and time”.
The firm was backed by buyers together with the Japanese large SoftBank and Episode1, a distinguished London-based enterprise capital agency.
Its mixture with Scissero will take the latter’s consumer base to greater than 100 corporations and allow it to compete extra straight with authorized AI corporations similar to US-based Harvey and Sweden’s Legora.
Robin AI’s buyer base contains massive asset managers, funding banks and the likes of Pfizer, PepsiCo and Basic Electrical.
The enlarged firm can have a workforce of roughly 150 folks, though Scissero just isn’t buying Robin AI’s expertise platform.
In a press release issued to Sky Information, Mathias Strasser, Scissero chief govt, stated: “The AI-enabled authorized providers market is coming into a interval of significant consolidation, and the UK is exceptionally well-placed to guide the following wave of innovation in AI and authorized expertise.
“We’re proud to be taking an early, proactive function in shaping this evolution, bringing collectively best-in-class expertise, superior expertise and scalable supply.”
Richard Robinson, Robin AI chief govt, stated: “Changing into a part of Scissero marks an thrilling new chapter for our managed providers group and our purchasers.
“Scissero’s world capabilities, regulated authorized providers providing, and market-leading expertise platform imply our purchasers will now profit from a broader set of options whereas persevering with to obtain the high-quality service and quick turnaround occasions they depend on.”
