There’s no doubt we’re experiencing a watershed moment in artificial intelligence. More broadly, software has been revolutionizing nearly every aspect of our economy for years. I’ve personally spent the majority of my career building technology to bring critical efficiencies to legacy industries like transportation and logistics at Uber and Flexport. But despite incredible advances in technology, the legal industry has remained largely underserved by the broader tech community. It’s hard to imagine an industry more important to our economy and daily lives than our legal system.
In the U.S., over 90% of court cases are resolved without ever going to trial. The resolution process often involves gathering testimony in pre-trial legal depositions attended by attorneys and court reporters. However, this essential part of the justice system has been burdened by increasing expenses, a shortage of court reporters, and outdated procedures that complicate and delay the resolution process.
This is why our team at Parrot is on a mission to empower attorneys to accomplish more during the pre-trial discovery process. Today, we’re thrilled to announce we’ve raised $11 million in our Series A funding round, led by Amplify Partners and XYZ Venture Capital, to address this critical market gap with artificial intelligence and an enterprise deposition platform purpose-built for attorneys. This investment will enable Parrot to accelerate progress toward our vision to modernize the multi-billion court reporting market and empower our clients to accelerate better outcomes for the people they represent.
The reality is, attorneys are eager to adopt new solutions to better serve their clients, but the industry has been largely overlooked and underserved by technology providers for far too long. With the increasing shortage of court reporters, rising litigation costs and the growing demand for remote depositions, legal professionals in all settings – from insurance carriers to law firms – need modern tools to remain competitive. By leveraging state-of-the-art artificial intelligence technology, we are offering our clients solutions that allow attorneys to get more from depositions than ever before.
Real Value for Customers
While there’s a lot of buzz around the disruptive potential of AI in the legal landscape, at Parrot we are witnessing firsthand how AI can address meaningful gaps in the discovery process and empower the legal professionals we work with to accomplish more while reducing costs.
We often talk about how our platform and proprietary models streamline the deposition process. But beyond the technology, what it means for our customers is crucial: immediate, accurate transcripts, quick navigation through deposition transcripts and recordings, automated deposition summaries, streamlined case management, and immediate scheduling synced with your calendar. It's all about empowering you and your team to make better decisions, faster.
How Parrot Works for You
To illustrate this, let's look at our new Auto Summaries feature. Imagine having deposition summaries in mere seconds, enabling you to review key information quickly and make informed decisions, or share the summary immediately after a deposition with your client or colleagues. Our platform lets you easily create impactful video clips from the deposition and annotate critical passages. Parrot is here to help you eliminate unnecessary delays and to make your deposition workflow as seamless as possible.
Moreover, our cloud-based platform ensures that your files, exhibits, recordings and data are all securely stored and accessible anytime, anywhere. As we continue to develop our software, we're always thinking of you: How can we make this process more efficient? How can we empower our customers to accelerate discovery and achieve more for their clients?
The support from our customers and partners has made this journey deeply rewarding. Amplify Partners and XYZ Venture Capital have joined us on this adventure, in addition to K5 Global and executives from leading tech companies like Alphabet, Meta, Uber, Flexport, Affirm, Thumbtack and more, reinforcing our conviction that Parrot has a significant role to play in the future of legal technology.
I'm reminded of our client Michael B. Stevens, Managing Partner at Derrevere Stevens Black & Cozad, who encapsulated our vision perfectly:
"Almost overnight, Parrot has become an indispensable part of our national deposition and case handling process... Parrot has elevated our entire firm to achieve better results on the defense side and larger recoveries in our plaintiff cases.”
At Parrot, we're not just building a platform, we're shaping the future of the legal industry. If you’re interested in joining us on this journey, we’d love to hear from you.