Former Twitter CEO Parag Agrawal’s new venture, Parallel Web Systems, has raised $100 million in Series A funding to reshape how AI agents access and use the internet. The round values the company at $740 million and was co-led by Kleiner Perkins and Index Ventures, with participation from Khosla Ventures and other early backers.

Founded two years ago, Parallel is building web search infrastructure for artificial intelligence agents, allowing them to fetch live, accurate data directly from the web. The company launched its first products in August 2025 after previously raising $30 million in early 2024.

Agrawal says Parallel is addressing a major shift in internet use — from human browsing to AI-driven search and automation. Its APIs help AI systems pull real-time web data for tasks like writing code, analyzing customer data, or evaluating risk for financial services.

Unlike traditional search engines that serve clickable links, Parallel’s system delivers “optimized tokens” — ready-to-use data chunks that fit directly into an AI model’s context window. This method, Agrawal claims, reduces false outputs, improves accuracy, and lowers costs for clients.

With this funding, the company plans to expand its product development and enterprise customer base, focusing on making the web more accessible to AI. As more sites hide content behind paywalls or logins to block web scraping, Parallel is exploring an open market model to encourage publishers to keep their content available for AI systems.

Agrawal believes the future of the web will be driven by intelligent agents that rely on quality, up-to-date information — and Parallel aims to be the bridge that connects them to it.