The official website of Parallel shows that its first product is "an API interface for artificial intelligence that uses web data."
Written by: Jyoti Mann
Former Twitter CEO Parag Agrawal has launched his artificial intelligence startup from stealth mode and clarified the company name as Parallel Web Systems.
It is currently unclear when Agrawal updated the company's name on LinkedIn, but he has been working on this project since at least early 2024.
According to a report by The Information in January, when the company's name had not yet been made public, Agrawal had already raised about $30 million for his startup. Investors include venture capital firms Khosla Ventures, Index Ventures, and First Round Capital.
The company's LinkedIn page shows that, in addition to Agrawal, there are 10 employees and links to a website describing the company's products. The website states that the company is building "an API interface for artificial intelligence that uses web data."
The official website of Parallel does not elaborate on its mission, only stating that it is developing "a system that enables advanced artificial intelligence to collaborate with the web." The site also predicts that in the future, artificial intelligence will represent humans in using the web. "Access and computation on the web will experience exponential growth," the website writes, "and every aspect, from infrastructure to business models, will need to evolve."
The website also shows that Parallel is headquartered in Palo Alto, California. However, the address listed in its terms of service is in San Francisco, just a short drive from the former Twitter (now X) office.
Company documents show that another company, Shapley Inc., is registered at the same address as Parallel, and Parag Agrawal is one of the corporate executives at Shapley.
It is currently unclear when Parag Agrawal registered the website domain.
From Twitter to AI Startup
Parag Agrawal served as CEO of Twitter from November 2021 to October 2022. He was fired by Elon Musk after Musk acquired the platform.
Kurt Wagner's book "The Battle for the Bird" details Elon Musk's $44 billion acquisition of Twitter. The book mentions that Musk complained to then-CEO Parag Agrawal about an account tracking his private jet's movements. Reportedly, Musk asked Agrawal to delete the account, but Agrawal refused the request.
Wagner noted in a post on the X platform this February that Musk began buying shares of Twitter in the same month he complained about the jet-tracking account. By April 2022, Musk had acquired a 9.2% stake, becoming Twitter's largest shareholder.
The acquisition was completed in October 2022. One of Musk's first actions was to fire Parag Agrawal, CFO Ned Segal, top legal and policy executive Vijaya Gadde, and General Counsel Sean Edgett.
Agrawal and the three other former executives filed a lawsuit against Musk in March this year, claiming he owes them $128 million in severance pay. (BI)
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