The AI-driven transcription platform, Parrot, has disclosed that it recently raised $11 million in Series A funding. The platform, which provides speech-to-text depositions for the legal and insurance sectors, also announced a new feature that can summarize depositions in mere seconds for legal experts.
Amplify Partners and XYZ Venture Capital led the latest funding round, raising Parrot's total financing to $14 million since its inception. Founded in 2019 by attorney Eric Baum, his brother Bryan Baum, and a team of AI and speech-to-text transcription engineers, Parrot seeks to streamline the deposition process using large language models (LLMs) and cater to the growing need for deposition services with the increasing demand each year.
According to Mike Dauber, General Partner of Amplify Partners, advancements in LLMs are the next big shift, similar to the impact of the internet and mobile technology. Parrot's CEO, Aaron O'Brien, who has more than 15 years of experience in the tech industry, believes that there is a vast opportunity for technology advancement in the legal sector, which has been underserved for a long time. He emphasized that the legal professionals are not resistant to adopting new technologies, but the solutions must be trustworthy and purpose-built for their workflow.
Parrot's AI-driven solutions aim to help users gather and synthesize information more efficiently, leading to better and faster results. The company plans to use the funding to boost its investment in AI for the legal and insurance domains and to continue the development of tools designed to address challenges faced by the industry.
One such challenge is the traditional method of booking depositions and securing capacity. Parrot's platform allows users to do this with a single click, providing meeting-ready calendar links for all parties involved. Additionally, Parrot helps attorneys by providing access to a fully searchable, highly accurate rough draft transcript synchronized with video and audio, which is stored securely on their cloud-based platform.
The company's approach is centered on specialized models trained extensively on proprietary and domain-specific data, offering unprecedented accuracy for legal professionals. Parrot has already been adopted by hundreds of enterprises' customers, including law firms, insurance companies, law enforcement agencies, and corporations, for various purposes such as depositions, witness statements, and examinations under oath.
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