Parag Agrawal, who was ousted as CEO of Twitter (now X) by Elon Musk in 2022, has launched a new venture called Parallel Web Systems. The startup, founded in 2023, specializes in developing a cloud platform designed to assist AI agents in conducting extensive online research. Recently, Parallel secured $100 million in Series B funding, bringing its valuation to $2 billion (approximately ₹16,600 crore). The funding round was led by Sequoia Capital, as reported by The Wall Street Journal. Agrawal, an alumnus of IIT Bombay and Stanford University, aims to utilize this investment to bolster the company's sales, marketing, and research efforts. Parallel Web Systems currently employs about 50 people and is set to expand its product offerings and customer base over the next year, focusing on tasks such as investment research and processing insurance claims through AI agents, which can perform these tasks more efficiently than humans.