Parallel Web Systems startup raises another $100 million
Parallel Web Systems, an AI startup founded by former Twitter CEO Parag Agrawal, has raised $100 million in funding led by Sequoia, bringing its valuation to $2 billion. This funding round saw participation from notable investors including Kleiner Perkins and Index Ventures, just five months after a $100 million Series A round. The company specializes in providing web search and research APIs for AI agents, serving clients like Slack, Notion, and various banks and hedge funds. Agrawal's venture gains significance following his departure from Twitter amid legal disputes with Elon Musk over unpaid severance.
Parallel Web Systems, an artificial intelligence startup founded by former Twitter CEO Parag Agraval, has raised $100 million in a funding round led by Sequoia. The company is now valued at $2 billion. Techcrunch.com reports on this.
Investors including Kleiner Perkins, Index Ventures, Khosla Ventures, First Round Capital, Spark Capital, and Terrain Capital also participated in this round.
The new investment comes just five months after the startup's $100 million Series A round, which valued the company at $740 million. As a result, the company's total funding raised has reached $230 million.
Parallel offers specialized web search and research APIs for artificial intelligence agents. The company's clients include names such as Clay, Harvey, Notion, and Opendoor.
Additionally, banks and hedge funds also use their services.
Following the conclusion of Agraval's tenure at Twitter with a lawsuit, investor confidence in his startup is of particular significance. After Ilon Mask acquired Twitter, he dismissed Agraval and other top executives.
They sued Mask over $128 million in unpaid severance, and the case was settled in October under undisclosed terms.
Parallel informed TechCrunch that, in addition to major clients, more than 100,000 developers are using their products.
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