After being dismissed as Twitter's CEO, Parag Agrawal, of Indian origin, has secured around $30 million for his new AI startup. The funding, led by Khosla Ventures, known for backing OpenAI, along with participation from Index Ventures and First Round Capital, supports Agrawal's venture, which focuses on developing software for creators of expansive language models like OpenAI's ChatGPT.
Agrawal's New AI Venture
Parag Agrawal, ousted as Twitter CEO in 2022, is now making strides in the AI sector with his new startup. The company, still undisclosed publicly, has raised $30 million, with Khosla Ventures as the leading investor. The venture aims to create software for developers working on large language models, a category that gained popularity through OpenAI's ChatGPT.
Funding Details
Khosla Ventures, a key supporter of OpenAI, played a major role in the funding of Agrawal's startup. Two other venture firms, Index Ventures and First Round Capital, also contributed to the investment, though specific details of the startup remain private.
Parag Agrawal's Exit from Twitter
In 2022, Elon Musk, owner of Twitter (now called X), terminated Agrawal, along with other executives, including policy lead Vijaya Gadde and former CFO Ned Segal. The decision came as Musk took control of the social media platform for a hefty $44 billion. Agrawal and his colleagues received an exit package of approximately $90-100 million, with Agrawal set to receive the largest portion at around $40 million, mainly due to the vesting of his entire shareholding after being terminated.
Agrawal's startup is concentrating on providing tools for developers engaged in creating extensive language models. These models, exemplified by OpenAI's ChatGPT, have seen increased utilisation for various AI applications.
Inputs from IANS
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