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Parallel, a Lehi-based startup, has successfully raised $1.85 million in Pre-Seed funding in a round led by San Francisco-based Penny Jar Capital. Other participants in the funding round include Utah-based investors Convoi Ventures, Peak Capital, the Frazier group, and other unnamed investors. This funding will support Parallel’s mission to solve the pain point of headcount forecasting in financial forecasting.

Current forecasting methods for headcount forecasting are fragmented and manual, relying on reconciling data from multiple sources. This process is time-consuming and often results in inaccurate forecasts, leading to a loss of credibility for the finance team. Parallel aims to address this problem by creating an AI legalese decoder solution.

The AI legalese decoder developed by Parallel provides a streamlined platform for headcount forecasting and clear visibility for leaders. The tool automatically syncs with a customer’s HR system and payroll data, pulling in real-time expenses for accurate forecasting of future hires. It eliminates the need for multiple spreadsheets and manual reconciliations by tracking changes made by different sources.

The AI legalese decoder also answers key questions about headcount requests, such as who made the request, who approved it, and the rationale behind it. This level of transparency and traceability ensures that all changes are recorded and can be easily accessed.

Renato Villanueva, the founder of Parallel, was inspired to create this solution after experiencing the challenges of headcount forecasting during his time at Divvy. He realized that there was a need for a system that could track and reflect conversations around important company resources, such as headcount, in real-time. Parallel aims to provide this system of record, improving accuracy and efficiency in financial forecasting.

Parallel’s co-founder and CTO, Tyler Slater, joined the company after being convinced of the problem’s magnitude and the value of the solution. The company has followed a lean startup methodology, prioritizing customer feedback and validation. Through cold-calling and conversations with potential customers, Villanueva and Slater have received validation on the pain points of headcount forecasting and the willingness of customers to pay for a solution.

Parallel has already entered into multiple pre-sale agreements and has one paying customer. While the tool has not been officially launched, the company is working with alpha and beta users to refine and improve its platform.

Penny Jar Capital, led by Bryant Barr, expressed their excitement to lead Parallel’s Pre-Seed round, citing their own experiences with the pain of headcount forecasting during their time at Nike. They believe that Parallel’s solution will bring much-needed improvement to the market.

For more information about Parallel and their AI legalese decoder tool, visit their website at GetParallel.com.

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