EXCLUSIVE: Parag Agrawal’s Parallel Web Systems Raises $100 Million to Help AI Agents Search the Web
Former Twitter CEO says agents use the web differently and need their own API
Former Twitter CEO Parag Agrawal announced exclusively on stage at the Cerebral Valley AI Summit that he’s raised $100 million for his AI startup Parallel Web Systems, as he seeks to build out his vision of a web that’s suited for agents in the age of AI.
Led by Kleiner Perkins and Index Ventures, the Series A round values the company at $740 million post-money. Spark Capital also participated as did previous investors including Khosla Ventures, First Round and Terrain. Mamoon Hamid at KP will join the board.
Agrawal’s announcement came in front of more than 300 founders and investors gathered in San Francisco for Newcomer’s third annual Cerebral Valley AI Summit. At the event’s morning session, Ilya Fushman of KP and AI investor Elad Gil kicked off a debate on the AI bubble question and how the industry’s current investing dynamics might play out — one of several major themes attendees will be discussing all day.
Parallel is tackling an AI issue that’s both theoretical and practical: how can the web be organized to allow agents to search it properly and accurately grab the information they need. It’s a critical component for performing deep research, where language models trawl the open web to compile detailed reports.