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Parag Agrawal, the former CEO of Twitter, has made a remarkable comeback. His new artificial intelligence startup, Parallel Web Systems, recently reached a valuation of $2 billion, which is approximately Rs. 19,020 crore in Indian currency.
The milestone was followed by a successful Series B funding round in which the company raised $100 million. The investment was led by Sequoia Capital, with help from other big names such as Khosla Ventures and Index Ventures.
Parallel Web Systems focuses on creating the infrastructure that allows AI agents to work better. Unlike basic AI that only uses old data, Parallel’s tools let AI systems browse the live web. This enables these digital agents to find real-time information, fill out forms, and finish complex tasks without much human help. Today, over 100,000 developers use the platform to build bots that handle everything from legal research to processing insurance claims.
Agrawal’s return to the spotlight comes nearly four years after he was dismissed by Elon Musk in 2022. While his exit from Twitter was loud and public, Agrawal spent the last year quietly building this new venture.
Parallel Web Systems now has around 50 employees. It deals with major clients like Notion and many large banks. The new funds will be used to grow the firm’s sales team and speed up research into long-horizon agents. These are AI models that can work in the background for long periods to finish multi-step projects.
The AI startup is seeing quick growth as big companies show eagerness to automate boring office work. By using Parallel Web System’s APIs, firms can gather data and monitor web updates much faster than a person could. As AI continues to grow, Agrawal’s company is positioning itself as a must-have tool for any business looking to use autonomous software.
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It is rare to see a leader bounce back this quickly after such a public firing. Agrawal has shifted from managing a social media giant to building the hidden infrastructure that powers the next AI wave. By focusing on unseen tools rather than a flashy chatbot, he is creating a business with deep value. His creation may prove hard for competitors to replicate.
