Synthetic intelligence touches many elements {of professional} industries, together with medication, authorized, enterprise, info expertise and extra. AI-powered transcription service is one instance that has change into an integral a part of these fields.
Parrot, a transcription platform providing speech-to-text depositions for the authorized and insurance coverage business, stated Tuesday it has raised $11 million in a Sequence A spherical. It additionally unveiled a brand new characteristic that summarizes deposition in mere seconds for authorized consultants.
Amplify Companions and XYZ Enterprise Capital co-led the most recent capital, bringing its complete raised financing to $14 million since its inception. The corporate declined to disclose its valuation when requested.
Legal professional Eric Baum, his brother Bryan Baum and a group of engineers with experience in AI and speech-to-text transcription based Parrot in 2019. Eric, a long-time prosecutor who carried out depositions on the particular victims unit of the State Legal professional’s Workplace of Florida, noticed firsthand the scarcity of court docket reporters as demand for the deposition service continues to develop yearly and wished to streamline the deposition course of by utilizing massive language fashions (LLMs) not just for the authorized business additionally for different sectors.
“The enhancements in LLMs are the subsequent paradigm shift, akin to the web and cell,” common associate of Amplify Companions Mike Dauber stated in an announcement.
CEO of Parrot Aaron O’Brien, who has been within the tech area for greater than 15 years and beforehand labored at tech companies like Flexport, Uber and Fb, advised TechCrunch that Parrot’s founding group noticed a possibility to carry much-needed expertise to the authorized business that has been missed and underserved for a very long time.
“You’ll typically hear that legal professionals are proof against tech, however this hasn’t been our expertise,” O’Brien advised TechCrunch. “Attorneys are desirous to undertake new applied sciences, however the options have to be reliable and purpose-built for his or her workflow.”
O’Brien met the Parrot founding group in 2021, launched by Parrot’s early buyers. O’Brien has since helped the AI startup scale a rising deposition supplier with world insurance coverage carriers.
Parrot AI’s final aim is to permit customers to assemble and synthesize info extra effectively in an effort to obtain higher and quicker outcomes by leveraging AI.
The startup plans to make use of the proceeds to ramp up funding in synthetic intelligence for the authorized and insurance coverage domains and proceed growing instruments to handle the business’s challenges.
Prospects in want of court docket transcription companies usually should name or electronic mail a court-reporting vendor and wait days for affirmation, O’Brien stated. Parrot lets customers ebook a deposition and safe capability with one click on and meeting-ready calendar hyperlinks shall be despatched to all events, O’Brien defined.
One other problem Parrot needs to handle is said to deposition evaluate: After a deposition concludes, attorneys should request an costly transcript, which takes greater than ten days to obtain. Parrot’s deposition evaluate instruments assist attorneys entry a completely searchable, extremely correct tough draft transcript synced with video and audio, which is without doubt one of the firm’s highest-value options, O’Brien continued. As well as, Parrot securely shops a complete archive of deposition transcripts, video and audio recordings, and extra in its cloud-based platform, he famous.
“On the core of Parrot’s differentiated mannequin is our extremely specialised fashions which are educated extensively on proprietary and domain-specific information,” O’Brien stated. “Parrot’s strategy is just not one other enterprise’s answer constructed on high of generic API — it’s a collection of extremely personalized fashions, infrastructure and area experience years within the making that gives unprecedented accuracy for authorized professionals.”
One buyer, Aaron Warner, Legal professional at Warner & Fitzmartine, described the expertise of Parrot is like “going from a Nokia to an iPhone.” in accordance with the startup that claims as soon as prospects start working with Parrot — from C-suite executives targeted on funds and outcomes to the help employees answerable for scheduling depositions — they’re saying there’s no going again.
Tons of of enterprises’ prospects, together with legislation companies, insurance coverage corporations, legislation enforcement and companies, use Parrot for depositions, witness statements, examinations underneath oath and extra. The outfit didn’t share its enterprise metrics however famous that the four-year-old firm generates revenues within the thousands and thousands.