Parrot, a New York-based full-stack 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 specifically offering AI-generated deposition summaries to legal professionals.
The funding round was led by Amplify Partners and XYZ Venture Capital, bringing the total funds raised by the company to $14 million.
The investment will be used to expand the company's go-to-market efforts, accelerate product development, and further invest in artificial intelligence.
Parrot's platform significantly streamlines the deposition process for legal professionals by utilizing proprietary large language models (LLMs) that are specifically trained on legal and insurance vocabulary.
In addition to its core transcription capabilities, Parrot has introduced a new product called Auto-Summaries. This feature allows Parrot customers to derive even more immediate value from the platform by generating cohesive summaries of depositions within seconds.
“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.”
Company: Parrot Technologies, Inc.
Raised: $11.0M
Round: Series A
Funding Month: June 2023
Lead Investors: Amplify Partners and XYZ Venture Capital
Additional Investors:
Company Website: https://www.parrot.us/
Software Category: AI-powered Transcription and Deposition Platform
About the Company: Founded by technologists and legal experts and purpose-built for the legal and insurance community, Parrot is an AI technology company empowering attorneys to get more from depositions. The company’s AI platform helps attorneys handle cases faster and more efficiently by providing AI-generated, synced deposition transcripts and summaries. Parrot is headquartered in New York City, with employees across the country. Parrot is currently used by leading firms, insurance carriers, and Fortune 500 corporations.
Source: https://www.businesswire.com/news/home/20230613995018/en/Parrot-Unveils-Proprietary-AI-Powered-Platform-for-Multi-Billion-Court-Reporting-Market-Raises-11M-in-Series-A-Funding