Brief
Published:
Parallel web systemsthe AI agent tools startup founded by former Twitter CEO Parag Agrawal, raised a $100 million Series B at a $2 billion valuation led by Sequoia. Existing investors Kleiner Perkins, Index Ventures, Khosla Ventures, First Round Capital, Spark Capital and Terrain Capital also participated, the company said.
This increase comes just five months after the startup announced its 100 million dollars Series A with a valuation of $740 million led by Kleiner and Index, and brings the total capital raised to $230 million.
Parallel offers a suite of search and web search APIs specifically for AI agents and names clients including Clay, Harvey, Notion and Opendoor. She says her clients include banks and hedge funds (although she doesn’t name them).
Investor confidence in Agrawal’s startup must be especially gratifying for him after his time at Twitter ended in a subsequent lawsuit. Elon Musk he sent it back and all the top executives after buying Twitter. Those executives, including Agrawal, filed a lawsuit, alleging that Musk failed to pay the $128 million in severance they believed he was owed. In October, Musk settled the matter for undisclosed conditions.
In addition to some big-name customers, Parallel tells TechCrunch that more than 100,000 developers use its products.
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