Parallel Web Systems has secured $100 million in a Series B funding round, bringing the company's valuation to $2 billion, according to TechCrunch.
The round was led by Sequoia. Other participating investors included Kleiner Perkins, Index Ventures, Khosla Ventures, First Round Capital, Spark Capital, and Terrain Capital, the company stated.
This latest infusion of capital arrives just five months after the startup announced a $100 million Series A. That previous round, which was led by Kleiner and Index, valued the company at $740 million, the outlet reported.
Parallel Web Systems provides a suite of web search and research APIs designed specifically for AI agents. The startup's client roster includes companies such as Clay, Harvey, Notion, and Opendoor.
While the company has not named specific financial institutions, it noted that its customers include various banks and hedge funds. Additionally, Parallel reports that its products are currently used by over 100,000 developers.
Agrawal's return to the spotlight
The rapid valuation growth follows the startup's emergence from its recent Series A. The company has now raised a total of $230 million in capital.
The funding success is a significant milestone for founder Parag Agrawal. Agrawal previously served as the CEO of Twitter before being removed by Elon Musk during the platform's acquisition.
Agrawal was among several top executives who sued Musk, alleging unpaid severance. TechCrunch reported that Musk settled the lawsuit in October for undisclosed terms.
With this $2 billion valuation, Parallel Web Systems is positioning itself as a core infrastructure provider for the burgeoning AI agent ecosystem.
