Ex-Twitter CEO's AI Startup Raises $100 Million at $740 Million Valuation

Deep News11-13

Former Twitter CEO Parag Agrawal revealed in an interview that his AI startup, Parallel Web Systems, has secured $100 million in Series A funding. The capital will be used to build web search infrastructure for AI agents and fund transactions with online content owners.

The funding round values the company at $740 million, co-led by venture capital firms Kleiner Perkins and Index Ventures, with participation from existing investors including Khosla Ventures.

Parallel aims to address what it sees as a fundamental shift in internet usage, as AI agents increasingly become primary users of the web. The company has developed application programming interfaces (APIs) that allow AI systems to search the live web for up-to-date information to complete tasks.

Agrawal stated that enterprise clients use Parallel to power AI agents for writing software code, analyzing customer data for sales teams, and assessing insurance underwriting risks—areas where high-quality web data and internal systems are critical.

Founded two years ago, Parallel first launched its product in August 2025. The company previously raised $30 million in January 2024.

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