Parallel raises $100M Series A to build web infrastructure for agents

Parallel has announced a $100 million Series A funding round at a $740 million valuation to develop web tools and agents specifically designed for artificial intelligence (AI) usage, with Kleiner Perkins and Index Ventures co-leading the investment. The company's vision contrasts with the belief that large language models would make the web obsolete, arguing instead that AIs will rely on the web more than humans. Parallel offers high-quality web tools for search, extraction, and retrieval, and web agents for structured enrichment and workflow automation, serving AI-native builders as customers. Their technology enhances the quality of data used by AI agents, improving decision-making by reducing hallucination rates and ensuring accurate information retrieval. As the web's primary user transitions from humans to AIs, Parallel emphasizes the importance of maintaining an open and competitive web while incentivizing data owners to continue publishing accessible content. The company seeks to innovate across crawling, indexing, retrieval, and ranking, positioning itself as a pioneer in creating the infrastructure for AI-centric web development.

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