SAN FRANCISCO / LONDON (IT BOLTWISE) – Parallel Web Systems, a startup founded by Parag Agrawal, has raised $100 million to revolutionize web search for AI agents. The company plans to use the funds to develop new products and acquire customers.
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Parallel Web Systems, an innovative startup led by former Twitter CEO Parag Agrawal, recently closed an impressive funding round. With $100 million from its Series A, valuing the company at $740 million, Parallel plans to revolutionize the web search infrastructure for AI agents. This financing was led by renowned venture firms Kleiner Perkins and Index Ventures, with additional support from Khosla Ventures and other existing investors.
The company aims to transform the way the internet is used by developing APIs that enable AI systems to search the live web for up-to-date information. This technology is particularly valuable for companies that use AI agents to write software, analyze customer data, or assess risk for insurance companies. Agrawal emphasizes that access to high-quality web data is critical to improving the efficiency and accuracy of these tasks.
A key advantage of parallel technology is the ability to deliver optimized content directly into the context window of an AI model. This is different from traditional search engines that provide links to human users. This method increases accuracy and reduces the risk of misinformation, so-called ‘hallucinations’. In addition, operating costs for customers can be reduced, making Parallel an attractive solution for companies that rely on AI.
Another goal of Parallel is to address the challenges posed by the increasing blocking of web content behind paywalls and login barriers. These barriers are often erected by web owners to prevent the decline in traffic caused by the rise of AI chatbots. Agrawal plans to develop an ‘open market mechanism’ to incentivize publishers to keep their content accessible to AI systems. Although details are not yet known, this shows Parallel’s commitment to providing innovative solutions for the changing digital landscape.
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