Parag Agrawal's Parallel raises $100M at $2B for agent search

The round was a Series B, and sources dated it to late April, with one tracker listing April 29. Sequoia led, with Kleiner Perkins, Index Ventures, Khosla Ventures, First Round, Spark and Terrain also taking part. Andrew Reed joins the board as part of the deal. The company says it supports over 100,000 developers. Proceeds go to sales and marketing hiring, continued R&D and an enterprise push. Parallel sells web search and research APIs built for agents rather than people. Its November 2025 Series A was co-led by Kleiner Perkins and Index Ventures at a $740 million valuation, so the valuation nearly tripled in about five months. It has also expanded a partnership with Google, so Google Cloud customers building Gemini agents can use its search technology. Tavily and Exa are among its competitors. For founders building agents, web access is turning into a separate infrastructure layer that can be bought rather than built. Investors are paying growth-stage prices for it, which signals that long-running agents are expected to need reliable, structured web data. Teams that depend on search APIs should expect more vendor competition and enterprise-focused pricing and support.