Former Twitter (now X) CEO Parag Agrawal’s AI agentic platform Parallel Web Systems has raised a $100 million Series B at a $2 billion valuation, led by Sequoia Capital. The funding round also included participation from existing investors Kleiner Perkins, Index Ventures, Khosla Ventures, First Round Capital, Spark Capital, and Terrain Capital.
This comes five months after the startup announced its $100 million Series A at a $740 million valuation in November 2025, led by Kleiner and Index. This brings the total capital it raised to $230 million.
Parallel offers a suite of web search and research APIs specifically for AI agents. The company has customers like Clay, Harvey, Notion, and Opendoor. It also said its customers include banks and hedge funds (though it has not named them).
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Following the recent fundraising, Agrawal said the company plans to deploy the fresh capital to expand its sales and marketing teams, while continuing to invest in research and development and target enterprise customers. Parallel seems to be betting on behalf of users and will increasingly rely on the web as their primary interface.
Andrew Reed, who will join Parallel’s board as part of the deal, said the company’s traction is tied to the rise of long-running AI systems. “One of the things that is a core shared function amongst all of these long-horizon agents is the ability to use the web,” Reed said, as quoted by WSJ.
Parallel said it currently supports over 100,000 developers across startups and enterprises. It is competing with a growing set of players, including Tavily and Exa, in what investors see as a large emerging market around AI agent infrastructure.
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The confidence of investors in Agrawal’s company is particularly gratifying for him since his time at Twitter ended with a lawsuit. Elon Musk famously ousted Agrawal and other top executives after he bought the company. The executives, including Agrawal sued, alleging that Musk failed to pay the $128 million in severance pay they believe they were owed. In October 2025, Musk settled the case for undisclosed terms.
Parallel told TechCrunch that in addition to some big-name customers, it has over 100,000 developers using its products.
“We’re seeing a fundamental shift from AI that generates content to AI that takes action,” one venture investor told TechCrunch, speaking on background. “Companies like Parallel are building the infrastructure layer for that transition. The market is moving incredibly fast.”