- Parallel Web Systems, founded by former Twitter CEO Parag Agrawal, has secured $100 million in new funding.
- The investment round was led by Kleiner Perkins and Index Ventures, with the company now valued at $740 million.
- Parallel offers APIs that allow AI agents to autonomously search, collect, and organize real-time web data.
- Enterprise clients use Parallel’s technology for AI applications such as software development, customer data analysis, and insurance risk assessment.
- The capital will be used to support further development and customer acquisition efforts, according to Agrawal.
Former Twitter CEO Parag Agrawal has launched Parallel Web Systems, an Artificial Intelligence startup based in Palo Alto. Less than two years after being dismissed as Twitter’s CEO post-acquisition by Elon Musk, Agrawal has secured $100 million in a series A funding round. The round was led by Kleiner Perkins and Index Ventures, bringing the company’s valuation to $740 million, as reported by Agrawal.
The growing interest in Ai technology continues as investors focus on companies developing tools for AI-driven automation and information processing. Parallel Web Systems provides products that enable AI models and agents to independently search, retrieve, validate, and structure information from the internet. The company’s APIs are designed to deliver real-time web content for integration with AI-powered applications. This approach addresses shifting user behavior trends, with more people relying on AI bots instead of traditional search engines for information.
According to Agrawal, enterprise clients apply Parallel’s technology in diverse fields. These include generating software code, analyzing sales team customer data, and assessing risk for insurance underwriting—sectors where high-quality, timely web data is essential. The new investment will be used to further develop Parallel’s offerings and expand its customer base, as stated by Agrawal in a recent interview with Reuters.
Early investor and First Round partner Todd Jackson noted in an X post that the startup is focused on creating web infrastructure specifically for AI agents. He explained that designing for AI usage requires new methods for crawling, indexing, and data retrieval. Jackson identified companies such as Clay, Sourcegraph, Owner, Starbridge, and Actively among the users of Parallel’s APIs, supporting operations from legal research to insurance underwriting.
Prior to the latest funding, Parallel had raised $30 million from firms including Khosla Ventures. The company officially introduced its first products in August. Agrawal previously worked at Twitter for eleven years, serving as chief technology officer and later as CEO. He was removed from his role in October 2022 when Elon Musk completed the purchase of Twitter.
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