Former Twitter CEO Agrawal’s Parallel Raises $100 Million
The Sequoia led Series B round values the former Twitter CEO’s AI web infrastructure startup at $2 billion.
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Parallel Web Systems, an AI web infrastructure startup founded by former Twitter Chief Executive Officer Parag Agrawal, has raised $100 million in Series B funding at a $2 billion valuation, the Wall Street Journal reported on Tuesday.
The round was led by Sequoia Capital, with participation from existing investors including Kleiner Perkins, Index Ventures and Khosla Ventures, according to the report.
Sequoia partner Andrew Reed has joined Parallel’s board as part of the deal.
Parallel, founded in 2023 and based in Palo Alto, builds infrastructure that allows AI agents to search the live web and carry out tasks that require current information.
Its APIs are designed to help enterprise customers connect AI systems to real-time web data.
Agrawal told the Journal the company plans to use the funds to expand sales and marketing teams and strengthen research and development.
Parallel has about 50 employees and has raised $230 million in total, the report said.
The latest round follows a $100 million Series A in November, co-led by Kleiner Perkins and Index Ventures, which valued the company at $740 million, Reuters reported at the time.
Parallel’s pitch is that AI agents will increasingly become major users of the web, requiring infrastructure built for machine tasks rather than human search behavior.
Reuters previously reported that the company’s tools help AI agents perform tasks such as writing code, analyzing sales data and assessing insurance risks by combining live web data with internal systems.
