Parag Agrawal’s Parallel raises $100 million from Kleiner Perkins and Index Ventures: Here's why it's significant

Former Twitter CEO Parag Agrawal has secured a major boost for his new venture, Parallel Web Systems, which has raised 100 million dollars in Series A funding at a valuation of 740 million dollars. The round was co-led by Kleiner Perkins and Index Ventures, with Khosla Ventures also increasing its backing, reflecting a strong belief in Parallel’s plan to rebuild the web for an AI-first world. Advertisement

Kleiner Perkins and Index Ventures are significant for a few key reasons, especially in the context of an early-stage AI infrastructure startup like Parallel Web Systems.

Kleiner Perkins is one of the oldest and most respected VC firms in the United States, known for backing transformative companies in their earliest stages. Index Ventures is one of Europe’s strongest global funds wit