Parrot – a full-stack platform for transcribing and managing depositions – recently launched and announced $11 million in Series A funding and the release of the first product specifically offering AI-generated deposition summaries to legal professionals. And Amplify Partners and XYZ Venture Capital led the round bringing the total funds raised to $14 million for the tech-enabled court reporting company. The funding will be used to expand go to market, accelerate product development and deepen its investment in artificial intelligence.
The company dramatically streamlines the deposition process for legal professionals by leveraging proprietary large language models (LLMs) specifically trained on legal and insurance vocabulary to deliver highly accurate transcripts immediately following a deposition versus the typical days or weeks. And its legally-compliant platform also helps address the growing shortage of court reporters as demand for court reporting services continues to grow each year.
Parrot enables attorneys and insurance carriers to make faster, more informed decisions while reducing costs and streamlining case management. And Parrot also makes it dramatically easier for legal administrative staff to schedule and manage deposition workflows.
The company’s new Auto-Summaries product enables Parrot customers to recognize even more immediate value in managing toward successful legal outcomes. And alongside the synced word-for-word transcript and recordings, Parrot’s technology digests each deposition and generates a cohesive summary in mere seconds.
The 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.
KEY QUOTES:
“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.”
— Mike Dauber, General Partner at Amplify Partners
“We see an incredible opportunity to bring value through innovation to the legal and insurance industries, which remain underserved by technology providers. 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.”
— Aaron O’Brien, CEO of Parrot
“Almost overnight, Parrot has become an indispensable part of our national deposition and case handling process. 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.”
— Michael B. Stevens, a Managing Partner at Derrevere Stevens Black & Cozad
