Artificial intelligence touches many features of skilled industries, including medicine, legal, business, information technology and more. AI-powered transcription service is one example that has develop into an integral a part of those fields.  

Parrot, a transcription platform offering speech-to-text depositions for the legal and insurance industry, said Tuesday it has raised $11 million in a Series A round. It also unveiled a latest feature that summarizes deposition in mere seconds for legal experts.  

Amplify Partners and XYZ Enterprise Capital co-led the newest capital, bringing its total raised financing to $14 million since its inception. The corporate declined to disclose its valuation when asked. 

Attorney Eric Baum, his brother Bryan Baum and a team of engineers with expertise in AI and speech-to-text transcription founded Parrot in 2019. Eric, a long-time prosecutor who conducted depositions on the special victims unit of the State Attorney’s Office of Florida, saw firsthand the shortage of court reporters as demand for the deposition service continues to grow every yr and desired to streamline the deposition process by utilizing large language models (LLMs) not just for the legal industry also for other sectors. 

“The improvements in LLMs are the subsequent paradigm shift, akin to the web and mobile,” general partner of Amplify Partners Mike Dauber said in an announcement. 

CEO of Parrot Aaron O’Brien, who has been within the tech space for greater than 15 years and previously worked at tech firms like Flexport, Uber and Facebook, told TechCrunch that Parrot’s founding team saw a possibility to bring much-needed technology to the legal industry that has been ignored and underserved for a very long time.

“You’ll often hear that lawyers are immune to tech, but this hasn’t been our experience,” O’Brien told TechCrunch. “Attorneys are wanting to adopt latest technologies, however the solutions have to be trustworthy and purpose-built for his or her workflow.” 

O’Brien met the Parrot founding team in 2021, introduced by Parrot’s early investors. O’Brien has since helped the AI startup scale a growing deposition provider with global insurance carriers. 

Parrot AI’s ultimate goal is to permit users to collect and synthesize information more efficiently with the intention to achieve higher and faster outcomes by leveraging AI. 

The startup plans to make use of the proceeds to ramp up investment in artificial intelligence for the legal and insurance domains and proceed developing tools to deal with the industry’s challenges. 

Customers in need of court transcription services typically must call or email a court-reporting vendor and wait days for confirmation, O’Brien said. Parrot lets users book a deposition and secure capability with one click and meeting-ready calendar links will likely be sent to all parties, O’Brien explained. 

One other challenge Parrot wants to deal with is said to deposition review: After a deposition concludes, attorneys must request an expensive transcript, which takes greater than ten days to receive. Parrot’s deposition review tools help attorneys access a totally searchable, highly accurate rough draft transcript synced with video and audio, which is certainly one of the corporate’s highest-value features, O’Brien continued. As well as, Parrot securely stores a comprehensive archive of deposition transcripts, video and audio recordings, and more in its cloud-based platform, he noted. 

“On the core of Parrot’s differentiated model is our highly specialized models which might be trained extensively on proprietary and domain-specific data,” O’Brien said. “Parrot’s approach is just not one other enterprise’s solution built on top of generic API — it’s a set of highly customized models, infrastructure and domain expertise years within the making that gives unprecedented accuracy for legal professionals.” 

One customer, Aaron Warner, Attorney at Warner & Fitzmartine, described the experience of Parrot is like “going from a Nokia to an iPhone.” in line with the startup that claims once customers begin working with Parrot — from C-suite executives focused on budget and outcomes to the support staff chargeable for scheduling depositions — they’re saying there’s no going back. 

Lots of of enterprises’ customers, including law firms, insurance firms, law enforcement and corporations, use Parrot for depositions, witness statements, examinations under oath and more. The outfit didn’t share its business metrics but noted that the four-year-old company generates revenues within the thousands and thousands.