Former Twitter CEO of Indian origin, Parag Agrawal, ventures into the artificial intelligence (AI) arena, allegedly securing $30 million for his startup. After being dismissed by Elon Musk, the owner of the now-renamed Twitter (X), Agrawal has reportedly raised approximately $30 million in funding for his AI startup, according to The Information.
Khosla Ventures, led by Vinod Khosla and an initial supporter of OpenAI, “headed the investment in Agrawal’s company. Details of which have not been publicly disclosed,” as mentioned in the report. Additionally, two other venture firms, Index Ventures and First Round Capital, were reported to have participated in the funding round.
Agrawal’s startup is said to be developing software tailored for developers of extensive language models. Category popularized by OpenAI’s ChatGPT chatbot.
In the preceding year, Parag Agrawal, alongside former policy lead Vijaya Gadde and additional executives. They secured $1.1 million in legal fees from X Corp, led by Elon Musk.
In October 2022, Musk notified Agrawal, Gadde, and former Twitter Chief Financial Officer Ned Segal their roles with company were terminated. As he assumed control of the micro-blogging platform for $44 billion.
Reports indicate that Parag Agrawal were offered an exit package totaling approximately $90-100 million upon their departure from Twitter.
Agrawal was poised to receive the most substantial payout, estimated at around $40 million. Primarily attributed to the vesting of his entire shareholding upon being terminated.