Parag Agrawal’s Parallel Web Systems raises $100 Mn in Series A round

Parallel Web Systems, launched by former Twitter CEO Parag Agrawal, has raised $100 million in a Series A round co-led by Kleiner Perkins and Index Ventures, with participation from Khosla Ventures and other existing backers.

According to an ET report,  the company raised the current round at a valuation of $740 million post money. 

The proceeds will be used to accelerate product development, acquire customers, and address web access challenges such as paywalls and login barriers. 

Prior to this round, the company had raised about $30 million in January 2024 and officially launched its product in August 2025.

Founded in 2023, Parallel builds infrastructure and tools specifically designed for AI agents to interact with the web intelligently. It offers a cloud-based deep research API that lets AI applications conduct real-time research on the internet, accessing and synthesising public web data, and ultimately providing detailed citations.

According to Parallel, its flagship offerings consist of eight distinct AI research engines. Each is designed for different computational needs. This allows AI agents to do complex tasks such as cross-disciplinary synthesis and long-form research. Parallel claims its technology outperforms leading AI models like OpenAI's GPT-5 in benchmarks for web research.

Web API agents power coding assistants, knowledge workers, and research automation across sectors. Enterprises also use these agents to automate complex workflows. Parallel takes on browser-based infrastructure providers as well as large-scale LLM-driven search agents like OpenAI and Google.