Parrot, a cutting-edge transcription platform catering to the legal and insurance industries, announced today that it has successfully raised $11 million in a Series A funding round. Alongside this achievement, the company unveiled an exciting new feature that provides instant summaries of depositions for legal professionals.
The latest funding round was co-led by Amplify Partners and XYZ Venture Capital, bringing Parrot’s total raised capital to $14 million since its inception. Although the company declined to disclose its valuation, the significant investment underscores the recognition of Parrot’s disruptive potential in the transcription space.
Founded in 2019 by attorney Eric Baum, his brother Bryan Baum, and a team of AI and speech-to-text transcription experts, Parrot was born out of the need to address the shortage of court reporters in the face of increasing demand for deposition services. Eric, who served as a prosecutor in Florida’s state attorney’s office, witnessed firsthand the challenges faced by the legal industry and saw the opportunity to streamline the deposition process using advanced language models and AI technology. This vision resonated with investors, who recognized the transformative potential of Parrot’s approach.
“The advancements in large language models represent a significant paradigm shift, similar to the impact of the internet and mobile technologies,” commented Mike Dauber, General Partner at Amplify Partners.
Parrot’s CEO, Aaron O’Brien, a seasoned tech executive with over 15 years of experience at prominent companies like Flexport, Uber, and Facebook, emphasized the company’s commitment to bringing much-needed technological advancements to the legal industry. O’Brien highlighted that lawyers are eager to adopt new technologies but require solutions specifically tailored to their unique workflows.
The collaboration between O’Brien and the founding team has enabled Parrot to scale rapidly, establishing itself as a leading deposition provider for global insurance carriers. The ultimate goal of Parrot AI is to empower users to gather and synthesize information efficiently, leading to improved outcomes and faster decision-making.
The recent funding will enable Parrot to accelerate investments in AI research and development for the legal and insurance domains, allowing them to tackle industry-specific challenges effectively. One of the key areas Parrot aims to address is the time-consuming and expensive process of court transcription. Traditionally, attorneys had to contact a court-reporting vendor and wait for days to secure transcription services. Parrot’s innovative platform streamlines this process, allowing users to book depositions with a single click and automatically providing meeting-ready calendar links to all parties involved.
Furthermore, Parrot seeks to revolutionize deposition review, which currently involves requesting an expensive transcript that can take more than ten days to receive. Parrot’s deposition review tools offer attorneys a fully searchable and highly accurate rough draft transcript synchronized with video and audio recordings. This invaluable feature significantly improves efficiency and productivity. Additionally, Parrot ensures secure storage of comprehensive deposition transcripts, video and audio recordings, and more within its cloud-based platform.
“At the core of Parrot’s approach lies our specialized models, meticulously trained on proprietary and domain-specific data,” explained O’Brien. “Parrot’s suite of highly customized models, infrastructure, and years of domain expertise provide legal professionals with unprecedented accuracy and efficiency.”
The success stories of Parrot’s customers reinforce the platform’s transformative impact. One customer, Aaron Warner, an attorney at Warner & Fitzmartin, described the experience of using Parrot as going “from a Nokia to an iPhone.” The positive feedback from Parrot’s clients, ranging from C-suite executives focused on budget and outcomes to support staff responsible for deposition scheduling, highlights the platform’s significant advantages.
