Sure: this is a perfectly standard GRS cannister chute, with ejector (not a rocket, for obvious reasons, but more like a gun). Basically it is placed in the tail, and helps the balance of the gyro (front engine).
On a gyro, the one and only occasion where you would have to pull the chute would be a collision with another aircraft, severely damaging or breaking your rotor blade(s). In this case only, your only security is the parachute.
Problem with parachutes in gyros is that the rotor, or what remains of it, may interfere with the chute's supensive chords (lateral or vertical ejection systems). Other problem is that, when engine is propulsive, it will "push" towards the cabin, increasing the impact force when the aircarft hits the ground rather nose down, cabin first.
There, the idea was that with a chute on the tail, nothing will impede its ejection, and the attitude of the aircraft, when parachute is pulled, has no importance (puts the aircaft in a near-vertical position, nose down). In addition, the front engine, when reaching the ground, will absorb most of the original impact during the first microseconds, in fact reducing impact's force on the passengers.
To date, no-one in Europe has found the funding to make a real controlled test on the use of parachutes on gyro. Some Ela have a lateral one, but my personal impression is that it is a fat chance. So... we simply have no true, controlled data on the "best way to mount a chute" on gyros.
However... To date I have never flown a parachute equipped gyro, that one will be the first... and I sure hope never to have to pull it :0))))