Parrot AI, an AI-powered transcription platform that converts speech into text, has raised $11 million in a Series A funding round, TechCrunch reports.
Funding and Founding
The funding round was co-led by Amplify Partners and XYZ Venture Capital, bringing the total financing to $14 million since the company’s inception. Parrot AI was founded in 2019 by attorney Eric Baum, his brother Bryan Baum, and a team of engineers with expertise in AI and speech-to-text transcription.
Bringing Tech to Legal Industry
Parrot AI aims to streamline the deposition process in the legal and insurance industry using large language models (LLMs). CEO Aaron O'Brien stated that the legal industry, often perceived as resistant to tech, is eager to adopt new technologies, provided they are trustworthy and purpose-built for their workflow.
Use of Funds and Future Plans
The funds will be used to ramp up investment in AI for the legal and insurance domains and to continue developing tools to address industry challenges. Parrot AI’s goal is to allow users to gather and synthesize information more efficiently to achieve better and faster outcomes by leveraging AI.
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