Tuesday, 18 June 2024
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Artificial IntelligenceBusiness

Parag Agrawal has raised $30 million for a new AI business

  • Parag Agrawal disclosed that he had raised $30 million for his new AI venture.
  • Vinod Khosla’s Khosla Ventures led the funding and was an early supporter of Open AI, the startup behind ChatGPT.
  • Strong support for the impending AI startup is shown by Agrawal’s new venture, which is funded by venture capital firms.

In an article published in The Economic Times (ET), former Twitter CEO Parag Agrawal disclosed that he had raised $30 million for his new artificial intelligence (AI) venture. Following his takeover in late 2022, Elon Musk sacked the Indian-origin entrepreneur from the social media network.

Vinod Khosla’s Khosla Ventures led the funding and was an early supporter of Open AI, the startup behind ChatGPT. Among the other venture capital firms were First Round Capital and Index Ventures.

Parag Agrawal

Ex-CEO of Twitter Inc. Parag Agrawal has started a new company that will concentrate on developing tools for large language model developers, akin to the chatbot developed by OpenAI.

The corporation let go of Agrawal, the former CTO after a major restructuring resulted in the termination of seventy-five percent of the staff. Together with rebranding the website and its emblem, he also merged Twitter into X Corp.

In addition to owning 128,000 shares worth nearly $7 million, Agrawal had a “golden parachute” clause in his employment agreement with Twitter.

He sued Musk for more than $1 million in personal legal costs, together with two other former executives.Strong support for the impending AI startup is shown by Agrawal’s new venture, which is funded by venture capital firms.

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