Modal Secures $750M Series D at $15.75B Valuation After Passing $1B Run Rate
aiinsider ·
AI infrastructure company Modal has secured a $750 million Series D funding round, achieving a post-money valuation of $15.75 billion. The investment was led by Accel, with participation from Kleiner Perkins and existing investors such as Menlo Ventures and General Catalyst. This financial milestone follows the company's recent achievement of crossing a $1 billion annualized run rate. Modal reported that its usage has tripled since its Series C five months ago, representing year-over-year growth of more than 15 times. To address limitations in traditional infrastructure for AI workloads, the company built a custom stack spanning over 20 clouds. Its core product, Sandboxes, now generates a $300 million run rate independently, having processed nearly 3 billion instances. Major customers include DoorDash, Ramp, and Runway, while TypeSafe AI served 1 trillion tokens on the platform in just three days. The company is currently expanding into multi-node training and reinforcement learning while employing over 200 staff across New York, San Francisco, and Stockholm.
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