Overview
- The Series A values Parallel at $740 million and was co-led by Kleiner Perkins and Index Ventures.
- Spark Capital joined the round alongside existing backers including Khosla Ventures, First Round Capital and Terrain.
- Parallel’s infrastructure lets AI agents query the live web and returns optimized content tokens for model context windows, which the company says improves accuracy and lowers costs.
- Enterprises are using the system for tasks such as writing software code, analyzing sales data and assessing insurance underwriting risk.
- Part of the new capital will support work on an open market mechanism to compensate publishers for access to content behind paywalls, with details yet to be disclosed.