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Former Twitter CEO Parag Agrawal is charting a new course in artificial intelligence with his startup Parallel, which has raised $100 million in Series A funding.
Parallel Web Systems, founded two years ago by Agrawal, is developing infrastructure that lets AI agents search the internet in real time, reported Reuters.
The Series A round, which values the company at $740 million, was co-led by Kleiner Perkins and Index Ventures, with participation from Khosla Ventures and other existing backers.
Agrawal said Parallel's APIs allow AI systems to tap into live web data to perform complex tasks — from writing software code to analyzing customer data and evaluating insurance risk.
Agrawal told the publication that real-time data access is becoming essential for AI-driven work.
Unlike traditional search engines like Alphabet Inc.'s (NASDAQ:GOOG) (NASDAQ:GOOGL) Google that rank links for humans, Parallel's technology delivers structured web content — or "tokens" — directly into AI models.
This approach, the company says, improves accuracy, reduces misinformation and cuts operational costs for clients.
Agrawal said the new funding will accelerate product development and customer acquisition while addressing challenges like paywalled content that limits AI training.
He hinted at plans to create an "open market mechanism" to compensate publishers who keep their content accessible to AI systems.
Agrawal's comeback follows a legal settlement with Elon Musk's X Corp in October, resolving a $128 million severance dispute. Now, the former Twitter chief is betting that Parallel could power the next generation of AI-driven web search.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
