Former Twitter CEO Parag Agrawal now has a booming AI business, raises $30mn

Tech Former Twitter CEO Parag Agrawal now has a booming AI business, raises $30mn Former Twitter CEO Parag Agrawal's new AI startup has raised a significant funding of $30 million. Leading the funding is Khosla Ventures, a notable supporter of OpenAI in its early stages. Agrawal's startup is developing software tailored for developers working with LLMs FP Staff January 10, 2024 09:16:57 IST Former Twitter CEO Parag Agarwal's new AI startup has raised a significant funding of $30 million.

Leading the funding is Khosla Ventures, a notable supporter of OpenAI in its early stages. Agrawal's startup is developing software tailored for developers working with LLMs In a significant move into the artificial intelligence (AI) sector, Parag Agrawal, the former CEO of Twitter, has reportedly amassed $30 million in funding for his new startup.

Agrawal, ousted by Elon Musk, the current owner of Twitter now known as X, in late 2022, has attracted investment for his AI venture, according to a news report by The Information. Leading the funding is Khosla Ventures, helmed by Vinod Khosla, a notable supporter of OpenAI in its early stages. The investment details of Agrawal’s company, which have not been publicly disclosed, were highlighted in The Information’s report.

Joining Khosla Ventures in the funding are Index Ventures and First Round Capital, as stated in the report. Agrawal’s startup is said to be focused on developing software tailored for developers working with large language models, a category popularized by OpenAI’s widely used chatbot, ChatGPT. Related Articles Here's why you should never tell an AI chatbot your deepest secrets Despite CEO drama, OpenAI's Annualised Revenue grew 20% in 2 months, to make over $1.6 billion In a legal victory late last year, Agrawal, along with former policy lead Vijaya Gadde and other executives, secured $1.1 million in legal fees from X Corp, spearheaded by Elon Musk.

The termination of their employment was announced in October 2022, as Musk took control of Twitter in a massive $44 billion acquisition. Reports suggest that the trio of executives, upon leaving Twitter, received an exit package totalling around $90 100 million. Agrawal, in particular, was slated to receive the largest payout, amounting to approximately $40 million, primarily due to the vesting of his entire shareholdings following his termination.

(With inputs from agencies) Join our Whatsapp channel to get the latest global news updates Published on: January 10, 2024 09:16:57 IST TAGS: Artificial Intelligence Openai Parag Agarwal Parag Agrawal.