Parallel Web Systems, a California-headquartered startup founded by former Twitter CEO Parag Agrawal has raised $100 million in a Series B funding round, according to a report by the Wall Street Journal on Tuesday.

The round was led by Sequoia Capital. Existing investors, including Kleiner Perkins, Index Ventures and Khosla Ventures, also participated. With this round, the startup’s valuation has inched up to $2 billion, the report said.

The funding comes after the startup raised $100 million in a Series A round last November, valuing the company at $740 million, Reuters reported.

Sequoia partner Andrew Reed has joined Parallel Web’s board as part of the latest deal.

Agarwal said the startup aims to utilise the funds to build out its sales and marketing team and invest in research and development (R&D) initiatives.

Founded in 2023, Parallel Web Systems builds application programming interfaces (APIs) that let AI systems search the live web for up-to-date information to complete tasks.

AI agents are increasingly being used for complex, research-heavy tasks such as investment analysis, insurance processing, and legal or government data review, performing them faster and at greater scale than humans, noted Agrawal.

These “deep research” tasks are traditionally done via web browsers but can now be automated by agents, the founder added.