AIMPACT Update: On April 29 (UTC+8), according to monitoring by Beating, Parallel Web Systems, founded by former Twitter CEO Parag Agrawal, has completed a $100 million Series B round led by Sequoia Capital, with a valuation of $2 billion. Kleiner Perkins, Index Ventures, and Khosla Ventures also participated. The company just closed a $100 million Series A round in November last year at a $740 million valuation—nearly tripling its valuation in six months and bringing total funding to $230 million. Parallel is building dedicated web search infrastructure for AI agents. Agrawal’s 2023 insight was that agents will access the web far more frequently than humans, necessitating an access layer independent of browsers. Typical use cases include “deep research” tasks such as investment analysis, insurance claims processing, and government contract retrieval—tasks humans can perform, but agents can execute faster and at greater scale. Sequoia partner Andrew Reed has joined the board, noting that Parallel’s growth is directly tied to the rapid advancement of “long-duration agents”—agents capable of running autonomously in the background while maintaining context over extended periods—of which web search is a core shared capability. AI legal company Harvey is one of its customers; its co-founder Gabe Pereyra said enabling agents to browse the web isn’t as simple as plugging in a search engine—Harvey requires fine-grained control over which websites agents can access and which they must avoid. Parallel currently has about 50 employees, with over 100,000 developers using its infrastructure. Competitors in this space include Tavily and Exa. Agrawal was ousted from Twitter at the end of 2022 following Elon Musk’s acquisition; prior to that, he served as Twitter’s CTO. (Source: BlockBeats)
Former Twitter CEO Agrawal’s startup raises $100M in Series B funding for AI agent search infrastructure.
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Summary
Former Twitter CEO Parag Agrawal’s startup, Parallel Web Systems, has raised $100 million in a Series B round led by Sequoia Capital, valuing the company at $2 billion. Kleiner Perkins, Index Ventures, and Khosla Ventures also participated. The company is developing AI-powered search infrastructure for AI agents, targeting use cases such as investment research and insurance claims. Agrawal departed Twitter in late 2022 following Elon Musk’s acquisition. The funding arrives amid growing interest in AI and crypto news, as well as broader developments in the crypto space.
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