Former Twitter CEO Parag Agrawal’s AI business, which develops software for developers working on huge language models like OpenAI’s ChatGPT, has raised financing. Elon Musk fired Agrawal from Twitter in 2022.
Khosla Ventures, which supports OpenAI, led a $30 million fundraising round for Parag Agrawal’s new AI business. The round included Index Ventures and First Round Capital.
Agrawal is a toolmaker for large-scale language model builders, including OpenAI’s ChatGPT.
Khosla Ventures, OpenAI’s principal investor, backed Agrawal’s firm. The startup’s details are currently confidential, but Index Ventures and First Round Capital also invested.
In 2022, Twitter (now X) owner Elon Musk sacked Agrawal, Ned Segal, the former CFO, and Vijaya Gadde, the chief policy officer. After Musk spent $44 billion to acquire Twitter, the decision was made. Together with his colleagues, Agrawal received an exit package worth roughly $90-100 million, of which he is expected to collect the most (almost $40 million), mostly because his whole stake vests upon termination.
The focus of Agrawal’s firm is on giving developers the tools they need to create complex language models. There has been a rise in the use of these models for different AI applications, as demonstrated by OpenAI’s ChatGPT.
Conclusion
Former Twitter CEO Parag Agrawal raised $30 million for his new artificial intelligence company, ChatGPT, which makes tools for developers building large language models. Khosla Ventures, OpenAI’s principal investor, donated heavily. The unannounced project aims to provide tools to creators of big language models, a field popularized by OpenAI’s ChatGPT. Agrawal received $40 million of the $90-100 million leave payout, along with his colleagues.
