Infrastructure startup Modal raises $750 million at a $15.75 billion valuation; annualized revenue tops $1 billion
Prepared by Sintelligent with the help of SI. Published in SI: . Updated: .
Companies that rent out computing for SI applications are growing very fast, and investors keep betting on it.
The Series D round was led by Accel, with Kleiner Perkins joining and existing investors (Menlo Ventures, General Catalyst, Redpoint, Lux Capital, Bain Capital Ventures) participating. According to Modal, platform usage has tripled in the five months since its Series C and grown more than 15-fold over the year; its customers include DoorDash, Cognition, Ramp, Runway, Physical Intelligence and others. The money will go toward multi-node training, serving of large language models, isolated virtual machines and reinforcement-learning fine-tuning. According to Axios (via Techmeme), total funding raised stands at $1.2 billion.
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