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Modal Triples Valuation to $15 Billion as AI Infrastructure Demand Explodes

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Modal Triples Valuation to $15 Billion as AI Infrastructure Demand Explodes

Artificial intelligence (AI) infrastructure startup Modal was valued at $15.75 billion in a Series D funding round in which it raised $750 million, CEO Erik Bernhardsson said in a Wednesday (Oct. 14) blog post.

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Modal’s new valuation is more than triple the $4.65 billion valuation the company achieved in a May Series C round in which is raised $355 million.

“Just five months ago, when we announced our Series C, I wrote that demand was accelerating,” Bernhardsson said in the Wednesday post. “Since then, usage has tripled and we’ve grown more than 15x year-over-year. We recently crossed $1B in annualized run rate with no sign of slowing down.”

Modal provides a platform for production AI, with cloud infrastructure for teams that develop, train and serve AI applications at scale. The company’s offerings span inference, training, sandboxes and functions, according to its website.

Companies use the Modal platform to get apps from experimentation to production, to build agents, to generate lifelike video, to train robots and to run drug discovery, according to the post.

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“A new world of software capabilities requires a new set of building blocks and we’re just getting started,” Bernhardsson said in the post.

With the new capital, Modal will “keep building what’s next,” Bernhardsson said.



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