Elevator Pitch: A verbatim, synced AI transcript 90 mins after a depo/EUO at no extra cost to our reporter’s appearance. We empower insurance carriers/firms to make decisions faster and more cost efficient vs. long waits and thousands spent with traditional reporters. We built a free, cloud platform feat. clip cutting, instant depo confirmation, and smart search on past transcripts. Certified transcripts, if needed, are synced to the audio/video, for free. There are no videographer fees or other misc. charges.
What makes you unique or innovative? Parrot was built by veteran litigators and world class software engineers leveraging Machine Learning and AI to solve industry wide cost and time inefficiencies in court reporting and case/claims resolution. We have a proven track record of saving insurance carriers and law firms time and significant cost. This is in addition to being a single source, easy to use solution, enabling more persuasive advocacy through digital evidence presentation.
What problem do you solve? On the demand side, the court reporting industry has remained static for decades. Insurance carriers and law firms pay simply for a reporter’s time and are then forced to wait long periods and pay thousands of dollars for a transcript. Subsequent invoices are often riddled with extraneous costs like Zoom hosting fees and per page charges for exhibits and the transcript index.
The cost to video a depo/EUO remains extremely expensive. This is despite the legal landscape’s shift to remote depos, where a videographer is merely using the “Record” button. Expensive software or visual evidence companies are needed to edit and prepare clips and media for trial.
By designing and leveraging technology, Parrot empowers every lawyer and investigator with rapid and cost-efficient tools that were previously reserved only for national firms or clients with deep pockets. Parrot’s same day synced transcripts, cost free videotaped depos, and the ability to seamlessly and persuasively prepare and present audio/video clips is innovating a segmented and antiquated market.
Your competitors? There are two main buckets of competition, but neither is building niche solutions the way Parrot is.
- Legacy, traditional court reporting firms with no real innovation or tech functionality to speak of.
- Small group of tech entrants incorporating 3rd party ASR (automated speech recognition) into their workflow. Their technology is overly reliant on significant manual intervention by human reporters/transcribers to produce levels of accuracy. This results in higher costs and operational complexities passed on to clients, while not providing advancement for the legal and insurance vertical.
Demo video: N/A
Founded: 1/31/2020, New York, NY
Target customer. Our current clientele is centered around two primary segments:
- Enterprise: This is namely insurance carriers and national law firms.
- SMB: This is namely small law firms with anywhere from 2-15 attorneys, working on several fields including personal injury, torts, and other complex litigation.
Price. $150 per deposition
Expected 2022/2023 gross revenue? $1M – $5M/$1M – $5M
Number of users/paying customers? 101 – 1,000/21 – 50
Traction to date. While our investors have asked us not to share certain metrics for purposes of our marketing and development efforts, we can highlight broadly that we are growing 7% MoM, we are onboarding 10+ new clients QoQ, we are on track to achieve 2.5x ARR YoY in 2023, we have multiple six-figure ARR clients, and we service one top-tier national insurance carrier, and are contracted to begin with two more in Q1 2023.
Plan for growth over next five years. In 2023 we’ll continue investing in three main parts of our business: Technology, Marketing, and Sales. We strongly believe true innovation and increased market disruption will come from continued investment in foundational Machine Learning and engineering work. Verbatim level multi speaker ASR, faster transcript turnaround, automatically generated depo summaries, and auto tagging important parts of a depo/EUO are examples of game changing tools we are working on.
Second, we’ll look to scale our marketing efforts. Historically we have not invested in this yet, as we have been fortunate to rely on a strong network-and-referral effect as a primary channel. However, 2023 calls for new markets on behalf of our growing client base. We think of Parrot as being the best kept secret in the legal tech space, and while we like playing “”David to Goliath,” we intend to get more exposure and onto more radar screens throughout the country via product-led as well as outbound growth campaigns.
Third, most of our team to date is dedicated to building and developing our tech and scaling operations/logistics. A significant focus for us in 2023 is building our go-to-market team to more effectively get our brand and solutions to more dynamic prospects.
Outside funding. $1M – $5M in outside funding.
Describe any ways in which your company is diverse or promotes diversity. Since day one, Parrot has been committed to making diversity, equity, and inclusion a priority. We strongly believe that disruption of the legal space requires a team that, beyond operations requiring strict legal compliance, is unencumbered by antiquated training from the legal field. We support a team free to imagine, create, and develop the most effective tools conceivable. We continue to build a team and have people in leadership roles that span multiple countries, genders, and demographics. An example of our commitment to DEI is in the hiring process, where we have blind submissions and anonymous feedback cycles.