Parag Agrawal is back in the spotlight, but this time not as the former CEO of Twitter. His new company, Parallel Web Systems, is building tools for a future where AI agents browse, search and process the internet on behalf of users.
The latest funding round was led by Sequoia Capital, with existing investors Kleiner Perkins, Index Ventures and Khosla Ventures also participating. With this round, Parallel Web Systems’ total funding has reached $230 million.
The valuation jump is sharp. The company had reportedly raised $100 million in Series A funding last November at a valuation of $740 million. The new $2 billion tag shows how quickly investor interest is moving toward companies that can support “long-horizon” AI agents, systems designed to work independently for longer periods and complete complex tasks.
Agrawal, who served as Twitter’s CTO before becoming CEO, left the company in 2022 after Elon Musk’s takeover. Since then, he has chosen a less noisy but highly ambitious path: building web infrastructure for AI systems rather than consumer-facing social media.
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Parallel Web Systems says its platform is already being used by more than 100,000 developers, including AI-native startups and enterprise clients. Its technology is aimed at research-heavy work such as investment research, insurance processing, legal analysis and reviewing large public or government documents.
The core idea is simple but powerful. Instead of humans manually searching the web, AI agents can scan, collect and process information at scale. Agrawal has framed the company’s bet around the belief that AI agents will use the web far more than humans do.
The new capital will be used to expand sales and marketing teams, strengthen research and development, and deepen the company’s enterprise push. Parallel currently has around 50 employees.
For Agrawal, the funding marks more than a startup milestone. It is a second act after one of Silicon Valley’s most high-profile exits from a major tech company. This time, the story is not about social media battles or boardroom drama. It is about a quieter race to build the plumbing for the next phase of artificial intelligence.
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