In less than two years, OpenAI has transformed generative artificial intelligence from a topic of global debate to a technology that is becoming mainstream. This change has sparked interest among tech entrepreneurs who are increasingly incorporating AI-driven products into their businesses. However, the question remains as to how companies with limited financial resources can leverage ground-breaking AI technologies. Two U.K. business founders recently shared their experiences of integrating AI into their products and finding success in the market.
RobinAI, a London-based legal services business, raised $26 million in a Series B round earlier this year. The company, founded by lawyer Richard Robinson, offers a platform that uses generative AI to help businesses review and generate contracts quickly and efficiently. By leveraging AI technology, RobinAI aims to streamline contract-related processes for small and medium-sized companies, as well as major corporations, including Fortune 500 companies. The company prides itself on reducing the time taken to review contracts by around 80%.
Richard Robinson, along with co-founder James Clough, has focused on building trust in the platform’s AI capabilities, particularly among legal teams within organizations. Despite initial skepticism about AI, in-house lawyers have used the software alongside customers to demonstrate its effectiveness in delivering robust legal services. The use of large language models to generate novel text and extract information from long documents has been a game-changer in the legal industry, allowing companies like RobinAI to offer innovative solutions.
For many small businesses looking to develop AI-based services, a combination of in-house expertise and partnerships with third-party AI models is key. RobinAI has collaborated with AI research company Anthropic to leverage their language models, while cyber security startup Appella has opted for open-source models to support their AI-driven products. Appella’s “AI receptionist” product scans incoming calls for potential fraud and can be adapted to streamline workflows in various industries. By utilizing open-source solutions for data training, Appella has developed a customizable product that meets the needs of its customers.
The emergence of an ecosystem around AI is enabling startup companies to leverage commercially available software and open-source tools to power their own AI-driven solutions. This approach allows businesses to create innovative products that address specific industry needs and potential use cases. As more companies incorporate AI into their products and services, the possibilities for AI-driven technology continue to expand. Despite the challenges of entering the AI market with limited resources, partnerships and collaboration with AI experts are proving to be effective strategies for success in the evolving AI landscape. By combining unique expertise with cutting-edge technology, startups are poised to drive further innovation and adoption of AI-driven solutions across various industries.
