Parag Agrawal, the ex-CEO of Twitter, has made a significant stride into the AI industry by raising $30 million for his new startup. This funding comes after Agrawal’s departure from Twitter, now known as X, which is currently under the ownership of Elon Musk. The funding details of Agrawal’s company have not been publicly disclosed, but they were featured in a report by The Information.
The primary investor leading the funding round is Khosla Ventures, led by Vinod Khosla, who is known for his early support of OpenAI. Other investors joining Khosla Ventures include Index Ventures and First Round Capital.
Agrawal’s startup aims to create software specifically designed for developers working with large language models, a field that gained popularity due to OpenAI’s widely-used chatbot, ChatGPT.
In a legal triumph last year, Agrawal, along with former policy lead Vijaya Gadde and other executives, won $1.1 million in legal fees from X Corp, led by Elon Musk. This followed their departure from Twitter in October 2022 when Musk took over the platform through a massive $44 billion acquisition.
Upon their exit from Twitter, it is reported that the executive trio received a package worth around $90-100 million. Agrawal was set to receive the largest share of approximately $40 million, mainly due to the vesting of his entire shareholdings post his termination.