Parag Agrawal’s AI startup secures $30 million funding, Khosla Ventures leads investment

Former Twitter CEO’s venture attracts prominent investors for advancing language models

An artificial intelligence startup, founded by Parag Agrawal, who previously served as the CEO of Twitter before its acquisition by Elon Musk, has successfully raised approximately $30 million in funding, according to a new report.

The Information reported that the investment was spearheaded by Khosla Ventures, the venture capital firm founded by Indian American billionaire Vinod Khosla, who was also an early supporter of OpenAI.

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Agrawal’s startup is primarily focused on developing software tailored for creators of large language models, which gained prominence through OpenAI’s ChatGPT, and for the users of these models.

Although specific details regarding the product and the startup’s name remain undisclosed, the funding round also witnessed the participation of two other prominent venture firms, Index Ventures and First Round Capital, as stated by one of the sources.

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Agrawal assumed the role of Twitter’s CEO in November 2021, succeeding Jack Dorsey. However, his tenure was brief, as he was promptly removed by Musk following the latter’s acquisition of the social media giant for $44 billion. Prior to becoming CEO at Twitter, Agrawal served as the company’s Chief Technology Officer.

Khosla, a renowned venture capitalist, and the founder of Khosla Ventures, a prominent venture capital firm based in Silicon Valley, co-founded Sun Microsystems and served as its inaugural chairman and CEO.

Established in 2004, Khosla Ventures has actively invested in a diverse array of technology startups, spanning fields such as artificial intelligence, clean energy, biotechnology, and more. The firm is renowned for its daring investments in cutting-edge technologies and unwavering commitment to fostering innovation with the potential to drive positive global change.

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Under Khosla’s leadership, Khosla Ventures continues to be a driving force behind transformative companies and groundbreaking ideas in the tech industry.