Parallel Web Systems’ valuation reached $2 billion five months after its last big raise

Parallel Web Systems, the AI ​​tools startup founded by former Twitter CEO Parag Agrawal, has raised a $100 million Series B at a $2 billion valuation led by Sequoia. Existing investors Kleiner Perkins, Index Ventures, Khosla Ventures, First Round Capital, Spark Capital and Terrain Capital also participated, the company said.

The raise comes just five months after the startup announced a $100 million Series A at a $740 million valuation led by Kleiner and Index, bringing the total capital it has raised to $230 million.

Parallel offers a set of search and web search APIs specifically for AI agents and agent names like Clay, Harvey, Notion, and OpenDoor. It says its clients include banks and hedge funds (although it does not identify their names).

Investor confidence in Agrawal’s startup must have been particularly gratifying to him after his time at Twitter ended in a subsequent lawsuit. Elon Musk famously fired himself and all his top executives after he bought Twitter. These executives, including Agrawal, have filed a lawsuit alleging that Musk failed to pay the $128 million severance package they believe they are owed. In October, Musk settled the case for undisclosed terms.

In addition to some big-name customers, Parallel tells TechCrunch that it has more than 100,000 developers using its products.