Parallel Web Systems, an AI agent tools startup founded by former Twitter CEO Parag Agrawal, has raised $100 million in Series B led by Sequoia at a $2 billion valuation. Existing investors Kleiner Perkins, Index Ventures, Khosla Ventures, First Round Capital, Spark Capital and Terrain Capital also participated, the company said.
The raise comes just five months after the startup announced a $100 million Series A led by Kleiner and Index at a valuation of $740 million, bringing its total funding to $230 million.
Parallel offers a suite of web search and research APIs focused on AI agents, and counts Clay, Harvey, Notion, and Opendoor among its customers. The company says its customers include banks and hedge funds (without disclosing their names).
Investors’ confidence in Mr. Agrawal’s startup will be especially pleasing to him after a subsequent lawsuit ended his time at Twitter. After Elon Musk bought Twitter, he famously fired him and his entire executive team. Those executives, including Mr. Agrawal, sued Mr. Musk for failing to pay them $128 million in severance pay they believed they were owed. In October, Musk settled the lawsuit on undisclosed terms.
In addition to some large customers, Parallel told TechCrunch that more than 100,000 developers use its product.
