Parrot, a technology-based court reporting firm, revealed today its innovative AI-enabled platform, designed specifically to assist insurance providers and legal firms expedite case resolutions and minimise costs.
The company secured $11m in Series A financing led by Amplify Partners and XYZ Venture Capital, bringing the total funds raised to $14m. These financial resources will be channelled towards expanding their market reach, hastening product development, and deepening their commitment to artificial intelligence (AI).
Parrot’s platform redefines the deposition process by utilising proprietary large language models (LLMs), which are trained specifically on legal and insurance terminology. This allows them to deliver highly accurate transcripts immediately following a deposition, a vast improvement over the traditional timeframe of days or weeks. Additionally, their legally-compliant platform addresses the increasing scarcity of court reporters, as the demand for such services continues to surge annually.
The fresh funding will be allocated to accelerate product development, deepen investment in AI, and broaden their go-to-market efforts. Parrot also introduces a new product to legal professionals, offering AI-generated deposition summaries, a first in the industry.
Mike Dauber, General Partner at Amplify Partners, said, “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.”
Echoing his enthusiasm, Parrot CEO Aaron O’Brien shared, “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.”
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