Ex-Twitter CEO Parag Agrawal Raises $100 million For AI Startup

India-West News Desk

SAN JOSE, CA – Parallel Web Systems, an AI startup founded by former Twitter CEO Parag Agrawal, has secured $100 million in Series A funding to expand its web search infrastructure for artificial intelligence agents and support agreements with online content providers. Reuters reported that the round, which values the company at $740 million, was co-led by venture capital firms Kleiner Perkins and Index Ventures, with additional participation from existing investors including Khosla Ventures.

Parallel is developing application programming interfaces that enable AI systems to access live web data, allowing agents to complete tasks that require up-to-date information. Agrawal told Reuters enterprise clients are using the platform to power AI applications that write software code, analyze customer data for sales teams, and evaluate insurance risk. These areas where timely and accurate web information are viewed as essential. He added that Parallel’s technology outperforms the native web search features provided by AI model developers.

The new funding will be directed toward accelerating product development, expanding customer acquisition, and addressing the growing challenge of web content being restricted behind paywalls and login barriers. Publishers and social media platforms have increasingly limited access to content as AI chatbots alter how users retrieve information online.

Agrawal told Reuters that Parallel plans to create an “open market mechanism” to encourage publishers to maintain accessibility for AI systems, though he did not provide further details.

Founded in 2023, Parallel officially launched its products in August 2025 and previously raised $30 million in January 2024.