In this paper, we focus on two challenges which offset the promise of sparse signal representation, sensing, and recovery. First, real-world signals can seldom be described as perfectly sparse vectors in a known basis, and traditionally used random measurement schemes are seldom optimal for sensing them. Second, existing signal recovery algorithms are usually not fast enough to make them applicable to real-time problems. In this paper, we address these two challenges by presenting a novel framework based on deep learning. For the first challenge, we cast the problem of finding informative measurements by using a maximum likelihood (ML) formulation and show how we can build a data-driven dimensionality reduction protocol for sensing signals using convolutional architectures. For the second challenge, we discuss and analyze a novel parallelization scheme and show it significantly speeds-up the signal recovery process. We demonstrate the significant improvement our method obtains over competing methods through a series of experiments.