Former Twitter CEO Parag Agrawal has made a significant entrance into the artificial intelligence (AI) sector with the successful funding of his new startup. Agrawal, who was ousted by Elon Musk in late 2022, has attracted $30 million in investment for his AI venture, according to a recent report.
Leading the funding round is Khosla Ventures, a prominent supporter of OpenAI during its early stages. While the investment details of Agrawal’s company remain undisclosed, The Information’s report sheds light on the participation of other key investors, including Index Ventures and First Round Capital.
Agrawal’s startup aims to develop specialized software for developers working with large language models (LLMs), a category that gained prominence through OpenAI’s popular chatbot, ChatGPT. By tailoring their software to cater specifically to developers using LLMs, Agrawal’s company aims to provide enhanced tools and capabilities in this rapidly growing field.
This funding follows a legal victory for Agrawal and other former Twitter executives, who secured $1.1 million in legal fees from X Corp, led by Elon Musk. In October 2022, Musk acquired Twitter in a substantial $44 billion acquisition, announcing the termination of Agrawal and his team’s employment.
According to reports, Agrawal and his colleagues received exit packages totaling approximately $90-100 million upon leaving Twitter. Agrawal was set to receive the largest payout, around $40 million, largely due to the vesting of his shares following termination.
With this substantial funding, Parag Agrawal’s AI startup is poised to make a significant impact in the AI industry, providing innovative software solutions tailored to meet the needs of developers working with LLMs. As AI continues to advance, Agrawal’s expertise and financial backing position his company for success in this competitive and evolving market.
The source of the article is from the blog revistatenerife.com