Ex-Twitter CEO’s AI Startup Raises Funds at $2 Billion Valuation - WSJ

Parallel Web Systems, an artificial intelligence startup founded by former Twitter CEO Parag Agrawal, has raised $100 million in Series B funding. The funding was led by unnamed investors.

The company is building a web search engine specifically designed for AI agents, which are software programs that can perform tasks autonomously. The funding will be used to continue developing this product.

The $2 billion valuation reflects investor interest in infrastructure for AI agents, a growing market. Parallel Web Systems competes in a space where existing search engines are optimized for human users, while the company aims to create a search tool tailored for machine consumption. The startup's product is still in development.