parallel web systemThe AI agent-tool startup founded by former Twitter CEO Parag Agarwal has raised a $100 million Series B led by Sequoia at a valuation of $2 billion. 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 $100 million announced The Series A at a valuation of $740 million was led by Kleiner and Index, bringing the total capital raised to $230 million.
Parallels offers a suite of web search and research APIs specifically for AI agents and customers such as Clay, Harvey, Notion, and OpenDoor. He says his clients include banks and hedge funds (though he won’t name them).
The confidence that investors have in Agarwal’s startup has been especially gratifying for him since his time at Twitter ended after a lawsuit. Elon Musk famously fired him And all the top executives after buying Twitter. Those executives, including Agarwal, filed a lawsuit alleging that Musk failed to pay $128 million in severance pay they believe they were owed. In October, Musk resolved the matter For unknown conditions.
In addition to some big-name customers, Parallel told TechCrunch it has more than 100,000 developers using its products.
