X's Former CEO Parag Agrawal, Khosla, AI: $30 Mn Story Unveiled!

Reports suggest that Artificial Intelligence is all set to dominate the technology landscape in 2024. The techies and especially the techies with leadership experiences are not leaving any chance to ride on this AI wave.

Twitter, now known as X, has been in the news last two years for whirlwind journey of landmark changes. Parag Agrawal, the former CEO of Twitter, is in news this time but not because of X but because of his AI startup.

Parag Agrawal, the ousted CEO of Twitter, has swiftly embarked on a new venture, establishing his own Artificial Intelligence (AI) startup. The name of the startup is yet to be revealed though. Agrawal, who played a pivotal role in Twitter's transformation, has already made headlines by securing a substantial funding round.

Agrawal's AI Startup: Pioneering LLM Development

Parag Agrawal's AI startup, which remains unnamed, has raised an impressive USD 30 million in funding, spearheaded by Khosla Ventures, a venture capital firm led by entrepreneur Vinod Khosla. Khosla Ventures, known for its early support of OpenAI, has expressed strong confidence in Agrawal's vision for AI innovation. Index Ventures and First Round Capital also contributed significantly to the funding, solidifying the startup's financial backing.

Specialized Software for LLM Developers

Agrawal's AI startup aims to develop specialized software catering to developers of Large Language Models (LLM). These models, capable of comprehending and generating human language, form the foundation of AI programs like OpenAI's ChatGPT and Google Bard. The startup is poised to compete with existing AI tools, including ChatGPT and Bard, bringing forth a new player in the rapidly evolving AI landscape.

AI's Dominance in 2024

As reports suggest that AI is set to dominate the technology landscape in 2024, Agrawal's venture aligns perfectly with this trend. With USD 30 million in funding and support from prominent venture capital firms, Agrawal's AI startup positions itself as a formidable player in the burgeoning field of artificial intelligence.

A Decade at Twitter: Tale of Parag Agrawal’s Rise and Fall

Parag Agrawal's association with Twitter began a decade ago when the company had fewer than 1,000 employees. Initially joining as a Distinguished Software Engineer, he ascended through the ranks to become the Chief Technology Officer (CTO) and eventually took the reins as the CEO from Jack Dorsey. However, his tenure was short-lived, as Elon Musk assumed control of the microblogging platform, prompting a significant employee exodus.

The Bluesky Project and Twitter's Evolution

Agrawal's influence extended beyond his role as CEO; he spearheaded Twitter's Bluesky project, aiming to establish an open and decentralized standard for a social network protocol. This initiative set the stage for transformative changes within the platform.

Parag became one of the first casualties when Elon Musk took over the charge of the company and he had to step down.

Legal Victory and New Beginnings

Late last year, Agrawal, along with former policy lead Vijaya Gadde and other executives, secured USD 1.1 million in legal fees from Elon Musk's X Corp. Subsequently, Agrawal retreated from the limelight until now, resurfacing with an AI startup focused on Large Language Models (LLMs).

Parag Agrawal's journey from Twitter CEO to AI startup founder signifies his commitment to advancing AI technology, coupled with substantial funding, sets the stage for an exciting chapter in the realm of artificial intelligence. As the year unfolds, let’s see how Agrawal's startup turns up to make waves in the dynamic and ever-expanding field of AI innovation.

Join Our Thriving Entrepreneurial Community

Follow TICE News on Social Media and create a strong community of Talent, Ideas, Capital, and Entrepreneurship. YouTube  | Linkedin | X (Twittrer) | Facebook | News Letters