Parag Agrawal, Former Twitter CEO, Ventures into AI with $30M Funding
- ByStartupStory | January 10, 2024
Parag Agrawal, the former CEO of Twitter prior to its acquisition by Elon Musk, is making strides in the field of artificial intelligence (AI) with a new startup. According to reports from The Information, Agrawal has recently secured approximately $30 million (Rs 2,493,428,880) in funding for his AI venture, with Khosla Ventures, Index Ventures, and First Round Capital leading the investment round.
While specific details about the startup’s name and products are not yet public, insiders familiar with the deal have indicated that the company will focus on developing software tailored for developers working on large language models, akin to OpenAI’s ChatGPT. This move underscores Agrawal’s entry into the AI realm, aligning with the growing interest in technologies like ChatGPT.
Agrawal’s journey in the tech industry has been noteworthy. After joining Twitter in 2011 when the company had fewer than 1,000 employees, he ascended to the role of chief technology officer (CTO) in 2017 before becoming the company’s CEO in November 2021, making him Twitter’s first Indian-origin CEO. However, Agrawal’s tenure as CEO was short-lived, as Elon Musk took over Twitter, which he acquired for $44 billion in 2022, and subsequently replaced Agrawal.
Interestingly, months before Musk’s acquisition of Twitter, he reportedly met with Agrawal over dinner, where he identified what he believed was a crucial leadership quality missing in Agrawal. According to details shared by Walter Isaacson, the author of the biography ‘Elon Musk,’ Musk felt that Twitter needed a leader with a more assertive approach, which he described as a “fire-breathing dragon,” a characteristic he felt Agrawal did not possess.
Parag Agrawal’s new endeavor in AI reflects a broader trend of tech leaders leveraging the potential of AI technologies, highlighting the continued evolution and significance of AI in various industries.
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