New York — June 20, 2023 – Parrot, a platform for transcribing and managing depositions, made its public debut today announcing $11 million in Series A funding and the release of the first product offering AI-generated deposition summaries to legal professionals. Amplify Partners and XYZ Venture Capital led the round bringing the total funds raised to $14 million for the company. Funds will be used to expand go to market, accelerate product development and deepen its investment in artificial intelligence.
Parrot is designed to streamline the deposition process for legal professionals by leveraging proprietary large language models (LLMs) trained on legal and insurance vocabulary to deliver highly accurate transcripts following a deposition, “versus the typical days or weeks,” the company said. Its legally-compliant platform also is intended to help address the shortage of court reporters as demand for court reporting services continues to grow each year.
“The improvements in LLMs are the next paradigm shift, akin to the internet and mobile. Parrot’s transformative technology will streamline and improve the litigation market and shape the future of the legal industry,” said Mike Dauber, General Partner at Amplify Partners.
Parrot empowers attorneys and insurance carriers to make faster, more informed decisions while reducing costs and streamlining case management. Parrot also makes it dramatically easier for legal administrative staff to schedule and manage deposition workflows.
“We see an incredible opportunity to bring value through innovation to the legal and insurance industries, which remain underserved by technology providers,” said Aaron O’Brien, CEO of Parrot. “By leveraging artificial intelligence, and software more broadly, we’re helping our customers accomplish more for their clients and driving important efficiencies for our justice system.”
Its new Auto-Summaries product is designed to enable Parrot customers to manage toward successful legal outcomes. Alongside the synced word-for-word transcript and recordings, Parrot’s technology digests each deposition and generates a summary in mere seconds.
Automatic Summaries build upon the platform’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.”
Parrot is currently used by leading firms, insurance carriers and Fortune 500 corporations.
