The company successfully secured $11 million in Series A financing, with Amplify Partners and XYZ Venture Capital leading the investment round. This brings the total funds raised to $14m, which will be utilized to expand market reach, accelerate product development, and further enhance their commitment to artificial intelligence (AI).
According to reports, Parrot’s platform transforms the deposition process by using proprietary large language models (LLMs) trained specifically on legal and insurance terminology. This enables the platform to deliver highly accurate transcripts immediately after a deposition, a significant improvement over the traditional time frame of days or weeks. Additionally, their platform addresses the growing scarcity of court reporters, as the demand for such services continues to rise each year.
Parrot’s capabilities use proprietary LLMs
The Auto-Summaries product enables Parrot customers to find even more immediate value in managing toward successful legal outcomes. Alongside the synced word-for-word transcript and recordings, Parrot’s technology digests each deposition and generates a cohesive summary in mere seconds. build upon Parrot’s impressive core feature set, which includes:
- Synced video and transcripts: Easily navigate through deposition recordings and transcripts with word-for-word synchronization, saving time and streamlining case preparation.
- Deposition review tools: Review an automatically generated transcript summary, cut and share clips of key moments or annotate passages with Parrot’s powerful deposition review platform.
- Exhibit and file sharing: Share, annotate and collaborate on exhibits within Parrot’s cloud-based platform before, during and after the deposition.
- Cloud storage: Securely store and access a comprehensive archive of deposition transcripts, video and audio recordings, exhibits and case documents anytime, anywhere within a single AES-256 bit encrypted, compliant platform.
- Trusted process and professionals: Parrot staffs depositions with licensed professionals and complies with all federal and state laws ensuring transcripts and video files are legally admissible in court.
“Almost overnight, Parrot has become an indispensable part of our national deposition and case handling process,” said Michael B. Stevens, a Managing Partner at Derrevere Stevens Black & Cozad. “With a cloud-based platform that provides real-time transcription tied to instantaneous audio playback, accurate and reliable same day transcripts, effortless creation of impactful video clips from the deposition and AI-generated summaries, Parrot has elevated our entire firm to achieve better results on the defense side and larger recoveries in our plaintiff cases.”
The fresh funding will be allocated to expedite product development, enhance investment in AI capabilities, and expand their go-to-market efforts. Parrot is also introducing a new product to the legal industry, offering AI-generated deposition summaries, a first of its kind.
Speaking about the funding drive and capital raise, Mike Dauber, General Partner at Amplify Partners, said, “The advancements in LLMs represent the next paradigm shift, comparable to the internet and mobile technologies. Parrot’s transformative technology will streamline and improve the litigation market, shaping the future of the legal industry.”
Echoing this enthusiasm, Parrot CEO Aaron O’Brien shared, “We recognise an incredible opportunity to bring value and innovation to the legal and insurance sectors, which are currently underserved by technology providers. By harnessing the power of artificial intelligence and software, we are enabling our customers to achieve more for their clients and drive important efficiencies within our justice system.”
