Parag Agrawal, the former CEO of Twitter, has stepped into the AI arena with a new startup, securing $30 million in funding to propel the development of software aimed at creators of expansive language models like ChatGPT. After he departed from Twitter, Agrawal, of Indian origin, has garnered support from investors, including Khosla Ventures, known for backing OpenAI, along with Index Ventures and First Round Capital.
His startup, still undisclosed, focuses on providing tools for developers working on large language models. These models, exemplified by OpenAI’s ChatGPT, have gained widespread popularity for their applications in various AI domains.
The $30 million funding round, led by Khosla Ventures, underscores the belief in Agrawal’s vision for advancing AI innovation. The venture is set to develop specialized software for Large Language Model (LLM) creators, contributing to the evolution of AI technology.
Agrawal’s swift exit from Twitter, orchestrated by Elon Musk’s takeover and subsequent rebranding of the platform to ‘X,’ marked a tumultuous period. The clash of visions between Musk’s bold transformation goals and Agrawal’s incremental approach to improvements and content moderation policies played a pivotal role in his departure.
This new initiative, supported by major investments from renowned venture capital firms, signals Agrawal’s determination to make significant strides in the AI sector. The startup plans to launch an insurance policy underwriting engine based on its Generative AI engine in 2024, leveraging RGA’s expertise in the development process.
Agrawal, undeterred by past challenges, aims to contribute to the future of AI innovation and development. His startup, operating in Israel and the United States with a team of 70 individuals, seeks to shape the landscape of language models and AI applications in the years to come.