Modal Labs Nears $750M Round at $15.75B Valuation
AI cloud provider Modal Labs is close to raising $750 million at a $15.75 billion valuation, TechCrunch reported on September 28.
The round is led by Accel. The valuation is up from $4.65 billion just four months ago.
The jump reflects surging demand for AI inference capacity. Rival Baseten is valued at $26 billion, while Fireworks has reached $1 billion in annualised revenue.
Modal sells serverless GPU infrastructure to AI developers. The company has grown quickly as model use exploded.
Investors are pouring money into AI infrastructure. The round is expected to close in the coming weeks.
Modal declined to comment on the report.
Accel is leading the round, according to the report. Modal provides serverless GPUs for AI workloads. The company’s valuation has more than tripled in four months. Investors say inference demand is driving the boom. The deal is expected to close within weeks. The funding would rank among the largest AI infrastructure rounds of the year.
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