Parrot AI, a transcription platform that turns speech into textual content, raises $11M Series A

Artificial intelligence touches many elements {of professional} industries, together with medication, authorized, enterprise, data know-how and extra. AI-powered transcription service is one instance that has grow to be an integral a part of these fields.  

Parrot, a transcription platform providing speech-to-text depositions for the authorized and insurance coverage business, mentioned Tuesday it has raised $11 million in a Series A spherical. It additionally unveiled a new function that summarizes deposition in mere seconds for authorized specialists.  

Amplify Partners and XYZ Venture Capital co-led the newest capital, bringing its whole raised financing to $14 million since its inception. The firm declined to disclose its valuation when requested. 

Attorney Eric Baum, his brother Bryan Baum and a workforce of engineers with experience in AI and speech-to-text transcription based Parrot in 2019. Eric, a long-time prosecutor who performed depositions on the particular victims unit of the State Attorney’s Office of Florida, noticed firsthand the scarcity of courtroom reporters as demand for the deposition service continues to develop yearly and needed to streamline the deposition course of through the use of massive language fashions (LLMs) not just for the authorized business additionally for different sectors. 

“The improvements in LLMs are the next paradigm shift, akin to the internet and mobile,” basic accomplice of Amplify Partners Mike Dauber mentioned in a assertion. 

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 Facebook, instructed TechCrunch that Parrot’s founding workforce noticed a possibility to deliver much-needed know-how to the authorized business that has been neglected and underserved for a very long time.

“You’ll often hear that lawyers are resistant to tech, but this hasn’t been our experience,” O’Brien instructed TechCrunch. “Attorneys are eager to adopt new technologies, but the solutions need to be trustworthy and purpose-built for their workflow.” 

O’Brien met the Parrot founding workforce in 2021, launched by Parrot’s early traders. O’Brien has since helped the AI startup scale a rising deposition supplier with international insurance coverage carriers. 

Parrot AI’s final objective is to permit customers to assemble and synthesize data extra effectively as a way 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 creating instruments to deal with the business’s challenges. 

Customers in want of courtroom transcription providers sometimes should name or electronic mail a court-reporting vendor and wait days for affirmation, O’Brien mentioned. Parrot lets customers e book a deposition and safe capability with one click on and meeting-ready calendar hyperlinks might be despatched to all events, O’Brien defined. 

Another problem Parrot desires to deal with is said to deposition evaluation: After a deposition concludes, attorneys should request an costly transcript, which takes greater than ten days to obtain. Parrot’s deposition evaluation instruments assist attorneys entry a absolutely searchable, extremely correct tough draft transcript synced with video and audio, which is likely one of the firm’s highest-value options, O’Brien continued. In addition, Parrot securely shops a complete archive of deposition transcripts, video and audio recordings, and extra in its cloud-based platform, he famous. 

“At the core of Parrot’s differentiated model is our highly specialized models that are trained extensively on proprietary and domain-specific data,” O’Brien mentioned. “Parrot’s approach is not another enterprise’s solution built on top of generic API — it’s a suite of highly customized models, infrastructure and domain expertise years in the making that offers unprecedented accuracy for legal professionals.” 

One buyer, Aaron Warner, Attorney at Warner & Fitzmartine, described the expertise of Parrot is like “going from a Nokia to an iPhone.” based on the startup that claims as soon as clients start working with Parrot — from C-suite executives targeted on funds and outcomes to the assist employees chargeable for scheduling depositions — they’re saying there’s no going again. 

Hundreds of enterprises’ clients, together with legislation companies, insurance coverage firms, legislation enforcement and companies, use Parrot for depositions, witness statements, examinations beneath 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.