Parallel Web Systems, a Palo Alto-based web infrastructure company powering how AI agents access the open web, has raised a 100 million dollar Series B round at a 2 billion dollar valuation, led by Sequoia Capital. The round more than doubles Parallel’s Series A valuation from five months ago and brings total capital raised to 230 million dollars. Existing investors Kleiner Perkins, Index Ventures, Khosla Ventures, First Round Capital, Spark Capital, Terrain Capital, and Abstract Ventures all increased their participation. Andrew Reed, Partner at Sequoia Capital, will join Parallel’s board of directors.
Parallel provides APIs that give AI agents structured, grounded access to the open web through a proprietary index of the global internet. As agents move from demonstrations to production deployments, companies across industries are shifting core workflows to background agents that rely on live web access. Current customers include Harvey, which uses Parallel to ground legal reasoning in public documents across more than 60 jurisdictions; Notion, whose AI agents handle research, analysis, and stakeholder work; Opendoor, which automates HOA research for property transactions; and two of the leading U.S. property and casualty insurers, which have reduced claims processing times by 50% through automated workflows. More than 100,000 developers from AI-native startups to regulated enterprises are building on the platform.
Parallel will use the new capital to accelerate index growth, expand its enterprise customer base, and build market mechanisms that give publishers and data providers a direct stake in AI’s use of their content. The company is positioning itself as foundational infrastructure for what it describes as the web’s second user class: AI agents operating at a scale far exceeding human web usage.
KEY QUOTES:
“We founded Parallel on a conviction that agents will use the web a thousand times more than humans ever have, and that most of that work will happen in the background. It’s playing out faster than we expected. The pioneers are already here, their work spans every industry that matters, and this round accelerates the infrastructure they’re building on.”
Parag Agrawal, Founder and CEO, Parallel Web Systems
“Long-horizon agents are beginning to redefine products across every industry. Agents need the web. The best AI teams around the world are choosing Parallel, and we’re excited to partner with the Parallel team as they build the company that invents the future of web infrastructure for AI.”
Andrew Reed, Partner, Sequoia Capital
