New York-based AI transcription service provider Parrot recently secured $11 million in Series A funding and introduced a feature for swift deposition summarization for legal professionals. Amplify Partners and XYZ Venture Capital jointly led this funding round, bringing Parrot’s total raised funds to $14 million. Parrot’s valuation remains undisclosed.
Parrot, co-founded in 2019 by attorney Eric Baum, his brother Bryan Baum, and an AI and speech-to-text transcription experts team, aims to streamline deposition services across various industries using advanced language models (LLMs).
CEO Aaron O’Brien, with 15 years of technology industry experience at companies like Flexport, Uber, and Facebook, noted that lawyers are keen on adopting tailored and trustworthy technical solutions. Parrot AI’s vision focuses on enhancing information gathering and synthesis through AI, thereby improving outcomes.
The raised funds will be directed towards investing in AI for the legal and insurance sectors, and by creating tools to tackle challenges, like deposition review, by offering fully searchable, precise rough draft transcripts synced with multimedia. The platform securely stores a comprehensive archive of deposition materials in a cloud-based system.
Users like attorney Aaron Warner compare the Parrot experience to upgrading from a basic phone to a smartphone. Parrot caters to numerous enterprise clients including law firms, insurance companies, law enforcement, and corporations. While specific metrics were not shared, Parrot generates substantial revenue and has operated for four years.
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