Modal Raises $750 Million in Series D at $15.75 Billion Valuation

Modal raised $750 million in a Series D that values the AI infrastructure company at $15.75 billion post-money, as its annualized revenue recently topped $1 billion and usage tripled since its prior funding round.

Accel led the financing. Kleiner Perkins and all of Modal’s existing investors also participated.

Revenue grew more than 15-fold year over year. The company’s previous funding round was five months ago.

Modal provides infrastructure for AI training, inference and agent workloads. Its Sandboxes product gives developers isolated environments to run code and has reached a $300 million annualized revenue run rate.

Modal plans further products for reinforcement learning and post-training.