Parallel Web Systems, founded by former Twitter CEO Parag Agrawal, has raised $100 million in a Series A funding round at a valuation of $740 million. The round was co-led by venture capital firms Kleiner Perkins and Index Ventures, with participation from Khosla Ventures and other existing investors. The funding will be used to accelerate product development, expand customer acquisition, and address challenges related to web access restrictions like paywalls and login barriers for AI systems.
Founded in 2023, Parallel develops infrastructure and tools for AI agents to interact with the web intelligently, including a cloud-based deep research API that allows AI to perform real-time research on internet data with detailed citations. The company aims to build fundamental web search infrastructure tailored for AI agents, planning new economic models to incentivize publishers to keep content accessible to AI systems. Parallel’s technology reportedly outperforms leading AI models in web research benchmarks and already has enterprise customers using its platform for complex research and workflow automation tasks.
AI agents are Parallel’s core users, with AI-native builders as the company’s customers. Leading companies such as Clay, Sourcegraph, Owner, Starbridge, Actively, Genpact, and numerous Fortune 100 firms have chosen Parallel after assessing various alternatives. These customers understand the critical importance of high-quality, current, and accurate web data for their agents performance.
