Sequoia Capital leads the round with Andrew Reed joining Parallel’s board
PALO ALTO, Calif., April 29, 2026 /PRNewswire/ — Parallel Web Systems, the infrastructure powering how AI agents access and use the open web, today announced that it has raised a $100 million Series B round at a $2 billion valuation, led by Sequoia Capital. This round more than doubles Parallel’s Series A valuation from five months ago, bringing the total amount raised to $230 million.
The round was led by Sequoia Capital, with existing investors Kleiner Perkins, Index Ventures, Khosla Ventures, First Round Capital, Spark Capital, Terrain Capital, and Abstract Ventures increasing their participation. Andrew Reed, Partner, Sequoia Capital will join Parallel’s board of directors.
“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,” said Parag Agrawal, Founder and CEO of Parallel. “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.”
Building the web for its second user
Parallel is web infrastructure that connects AI agents to the open web. As agents move from demos to production, companies across industries are shifting core workflows to background agents that rely on live access to the web. Parallel built for this shift early, and today serves as the underlying layer for companies at the forefront of this transition.
“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.
Trusted by leaders at the frontier of AI
Since the Series A in November 2025, demand for Parallel’s technology has accelerated as its customers, leaders in their respective categories, continue to scale their own products to meet the pull of the market. Across every industry, knowledge work is shifting to background agents, and the web is the universal source of information they all need to stay grounded:
- Harvey grounds their legal reasoning in public legal documents across 60-plus jurisdictions
- Notion’s AI agents help millions of users work faster across every kind of knowledge work
- Profound creates deeply-researched content to improve search and AI rankings for marketers
- Actively’s go-to-market background agents monitor the web 24/7 to track every potential lead
- Opendoor automates tedious HOA research for every property they transact on
- Leading banks and hedge funds gather robust company intelligence for risk underwriting
- Two of the US’s leading P&C insurers automate customer claims, reducing processing times by 50%
More than 100,000 developers from AI-native startups to regulated enterprises are converging on Parallel as the underlying infrastructure.
“With Notion, agents are becoming true collaborators: AI teammates that can run in the background, handling BI research, analysis, stakeholder follow-ups, and even rewriting their own work as they go. Like people, agents need to be able to research the open web to do work and make decisions. Parallel helps make that possible.”
— Sarah Sachs, AI Lead at Notion
“High-end legal work runs on context. To help associates and partners, an agent needs the client matter, the firm’s internal knowledge, the case law, the work product in flight, and the open web—and it needs to operate across all of it. Parallel is how we bring the web into that picture.”
— Gabe Pereyra, Co-Founder & President at Harvey
Scaling infrastructure for the open web to thrive
Parallel will use the new capital to accelerate index growth, expand its enterprise customer base, and deepen the infrastructure layer that connects content and data owners with AI systems. The company is investing in the economics of the open web, building the market mechanisms that give publishers and data providers a direct stake in AI’s use of their content, and ensuring the web remains open as agents become its primary users.
About Parallel Web Systems
Parallel is the leading web search provider for AI agents. Its APIs give agents structured, grounded access to the open web, powered by a proprietary index of the global internet. Fortune 500 enterprises and leading AI companies including Harvey, Attio, Modal, and Rogo rely on Parallel. Backed by Sequoia Capital, Kleiner Perkins, Index Ventures, Khosla Ventures, Spark Capital, First Round Capital, Terrain Capital, and Abstract Ventures. Headquartered in Palo Alto, California with offices in San Francisco, CA. Read more at parallel.ai
SOURCE Parallel Web Systems