Parallel Web Systems, an artificial intelligence (AI) search startup founded by former Twitter CEO Parag Agrawal, has raised $100 million in Series A funding.
The investment values the startup at $740 million.
Kleiner Perkins and Index Ventures co-led the round, with Khosla Ventures and other existing investors participating.
Parallel is building APIs that allow AI systems to search the live web and retrieve the latest data. The company is set to launch in August 2025 and previously raised $30 million in January 2024.
Agrawal said some of the new funding will go toward solving the data mining challenges for AI on sites that require paid content and logins.
He also outlined plans for an open marketplace model for publishers to provide access to AI, but did not share further details.
