Parallel Web Systems hits $2B valuation five months after its last big raise
Parallel Web Systems, the AI agent-tool startup founded by former Twitter CEO Parag Agrawal, has 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 raise comes just five months after the startup announced its $100 million Series A at a $740 million valuation led by Kleiner and Index, and brings the total capital it raised to $230 million.
Parallel offers a suite of web search and research APIs specifically for AI agents and names customers such as Clay, Harvey, Notion, and Opendoor. It says its customers include banks and hedge funds (though it has not named them).
The confidence of investors in Agrawal’s startup has to be particularly gratifying for him after his time at Twitter ended with a subsequent lawsuit. Elon Musk famously fired him and all the top execs after he bought Twitter. Those execs, including Agrawal, sued, alleging that Musk failed to pay the $128 million in severance pay they believe they were owed. In October, Musk settled the case for undisclosed terms.
In addition to some big-name customers, Parallel tells TechCrunch it has over 100,000 developers using its products.
