Modal Raises $750M in Series D Funding, Achieving $15.75B Valuation and $1B Run Rate
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Modal has successfully secured $750 million in a Series D funding round, achieving a post-money valuation of $15.75 billion. This funding was led by Accel, with participation from Kleiner Perkins and existing investors such as Menlo Ventures and Bain Capital Ventures. The company has recently surpassed a $1 billion annualized run rate, with usage increasing threefold since its last funding round five months ago.
This significant funding round highlights the growing demand for AI infrastructure solutions, as Modal addresses the limitations of existing systems that are not optimized for AI workloads. The company has developed its own file system and container runtime to support AI-generated code, leading to a $300 million run rate from its Sandboxes product alone. Modal's rapid growth, with a year-over-year increase of over 15 times, reflects the expanding market for AI-driven platforms.
Looking ahead, Modal plans to expand its offerings into multi-node training and reinforcement learning, as well as introduce new inference features. The company currently employs over 200 people across New York, San Francisco, and Stockholm. No further timeline was disclosed at the time of publication.
Original report
Modal Secures $750M Series D at $15.75B Valuation After Passing $1B Run Rate
AIInsider · James DarganThis briefing is an independently written summary based on publicly available reporting and is provided for industry information and news discovery. The original report and source publication are credited and linked where applicable. RobotToday does not claim ownership of third-party source material.
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