Parag Agrawal's Parallel Web Systems Raises $100M at $2B Valuation for AI Agent Search

From $740M to $2B in Five Months

Parallel Web Systems announced a $100 million Series B on April 29, 2026, led by Sequoia, with Kleiner Perkins, Index Ventures, Khosla Ventures, and First Round Capital participating. The round values the company at $2 billion — up from $740 million at its Series A just five months earlier. Total capital raised: $230 million.

The company, founded by former Twitter CEO Parag Agrawal, provides web search and research APIs built specifically for AI agents rather than human users. Over 100,000 developers use the platform, along with enterprise customers including Clay, Harvey, Notion, and Opendoor, and undisclosed banks and hedge funds.

What Makes Agent Search Different

Traditional web search is built for humans scanning results once. AI agents run hundreds of parallel queries, synthesize results, and iterate — patterns that choke conventional search APIs on latency and cost. Parallel Web Systems is optimized for this agentic search pattern, offering low-latency, high-throughput infrastructure designed for programmatic, parallel consumption at scale.

Agrawal's thesis: AI agents are becoming the primary consumers of internet traffic, and existing search infrastructure wasn't built for them. The rapid valuation growth — from $740M to $2B in five months — suggests investors agree.

Source: TechCrunch