Parag Agrawal, former CEO of X (Twitter), has scored another big win.

His AI startup Parallel Web Systems, launched in August 2025, just raised $100 million in Series B funding at a $2 billion valuation, according to The Wall Street Journal.

The round was led by Sequoia Capital, with participation from Khosla Ventures, Index Ventures, and Kleiner Perkins. This takes the company’s total funding to $230 million in less than a year.

What Parallel Web Systems Actually Does

The company is building specialised infrastructure for autonomous AI agents - systems that can browse the internet independently, with high accuracy and efficiency.

These “long-horizon” agents can:

• Run complex, multi-step research tasks in the background
• Remember context over long periods
• Perform deep research for investment analysis, risk underwriting, insurance claims, government contract review, and more

Companies like AI legal startup Harvey already use Parallel’s platform to give their agents precise control over which websites they access, improving accuracy in legal research.

The startup currently has around 100,000 developers using its infrastructure, including both enterprises and other AI companies. It has a team of about 50 people.

Why This Funding Matters

Agrawal said the fresh capital will be used to:

• Build a stronger sales and marketing team
• Expand research and development
• Focus more deeply on enterprise clients

Sequoia partner Andrew Reed highlighted the growing demand for AI agents that can operate autonomously for extended periods while responding quickly to user requests.

Parag Agrawal is moving fast after leaving X. Building infrastructure for autonomous AI agents is a smart bet. As more companies deploy AI for complex real-world tasks, the demand for reliable, accurate browsing and research infrastructure will only grow. Hitting $2B valuation in under a year shows investors are betting heavily on this space.