The internet is being re-engineered for its second primary user: the AI agent. Parallel is helping build the infrastructure behind that transition, recently securing $100 million in Series B funding at a $2 billion valuation and doubling its market cap in just five months. Sequoia Capital led the round, with participation from Kleiner Perkins, Index Ventures, and Khosla Ventures, bringing Parallel’s total capital to $230 million. The company’s web search and research APIs have become the underlying architecture for high-stakes automation, powering Harvey’s legal reasoning across 60 jurisdictions and helping major U.S. insurers halve claims processing times.
Parallel currently supports over 100,000 developers, ranging from startups to regulated banks and hedge funds that use the platform to gather intelligence for risk underwriting. The firm allows companies like Opendoor and Notion to automate deep knowledge work and HOA research at scale by providing a suite of agentic research tools. The new capital is earmarked for accelerating index growth and expanding enterprise infrastructure to support the transition toward an agent-dominated web. Sequoia Partner Andrew Reed has joined the board as part of the transaction, as the firm anticipates that autonomous systems will soon drive the majority of online traffic.
The company is also positioning itself as a mediator between AI systems and content creators, hinting at a new model where data owners gain a direct stake in how agents utilize their work. As agents become the web’s primary users, the need for a connection layer that respects data ownership has become a central strategic focus. Sequoia Partner Andrew Reed stated that Parallel’s APIs have become “critical components for a class of pioneering businesses.” This influx of capital ensures the platform can deepen its index and scale the infrastructure required to keep pace with the accelerating demand for agent-native web services.