BUSINESS NEWS | Foundr MAGAZINE

Ex Indian CEO Mr. Parag Agrawal's from Twitter begin AI Venture Gains $30 Million Boost his startup growth

By Ritwik Ghosh,Kolkata India

Parag Agrawal | ex CEO twitter

In the latest development, Parag Agrawal, the former helmsman of Twitter preceding Elon Musk’s acquisition, has successfully raised a substantial $30 million for his nascent artificial intelligence (AI) venture. This funding endeavor, led by Khosla Ventures, a longstanding supporter of OpenAI, signals Agrawal’s foray into the realm of artificial intelligence, capitalizing on the burgeoning interest in advanced technologies such as ChatGPT.

The funding round, steered by Khosla Ventures, also saw active participation from two other prominent venture entities, namely Index Ventures and First Round Capital. While the specific identity of Agrawal’s startup and its products remains undisclosed, insiders suggest a focus on crafting software tailored for developers engaged in constructing expansive language models akin to OpenAI’s ChatGPT.

Elon Musk, now at the helm of X following his $44 billion acquisition of Twitter in 2022, notably ousted Agrawal from his role shortly after assuming control. Parag Agrawal, an alumnus of IIT Bombay and Stanford, held the prestigious position of Twitter’s first Indian-origin CEO from November 2021. His journey within the company commenced in 2011, back when the employee count was below 1,000, and he later ascended to the role of Chief Technology Officer (CTO) in 2017. Remarkably, Agrawal, at 39, stands as one of the youngest executives to lead a major technology corporation.

Months before the Twitter acquisition, Elon Musk, during a dinner meeting with Agrawal, identified a leadership quality he deemed crucial but lacking in his successor. According to Walter Isaacson, the biographer of Tesla’s CEO, Musk remarked that what Twitter required was a “fire-breathing dragon,” a characteristic he felt Agrawal did not embody. Musk, in his candid assessment, asserted that managers should not necessarily seek popularity, a viewpoint he shared with Isaacson during the encounter.

In a notable move, the former Twitter CEO, Parag Agrawal, secures a significant $30 million funding round for his burgeoning AI startup. Khosla Ventures, known for its early support of OpenAI, spearheads the financing, with additional backing from Index Ventures and First Round Capital. While the startup’s name and specific offerings remain undisclosed, industry insiders hint at a focus on developing software catering to developers of large language models, reminiscent of OpenAI’s ChatGPT. The investment underscores the increasing trend of tech leaders exploring opportunities within the dynamic AI landscape.

Except for the headline, this story has not been edited by Foundr Magazine India and is auto-published from a syndicated feed

Scroll to Top