Modal Labs, a provider of AI infrastructure, raised $750 million in late-stage funding, described as a Series D, SiliconANGLE's Maria Deutscher reported on October 14. Accel led the round, with Kleiner Perkins and a half-dozen existing investors participating. The valuation after the round is $15.75 billion, which the article says is more than triple what the company was worth after its last funding round in May.
Revenue
Modal says its annualized revenue has more than tripled since the May round to over $1 billion, a company-stated figure. Nearly a third of revenue comes from Sandboxes, a service that provides hosted containers for AI workloads including model training, AI agents and agent-generated code. The company says Sandboxes can provision tens of thousands of containers per second and ran 1 million concurrent containers in an internal test.
What Modal sells
Besides Sandboxes, Modal offers a training cloud where developers can launch GPU clusters with scripts using RDMA networking, and Endpoints, a service for deploying AI models on hosted infrastructure for inference. Its hardware is rented from more than 20 cloud providers, so workloads can keep running on other clouds if one has problems.
Use of funds
The money will go toward product development, including planned services for reinforcement learning and post-training. The article names no executives and includes no direct quotes, so the strategy is described only in the company's own announcement as relayed by SiliconANGLE.
Source: SiliconANGLE. This is an AI Business Watch summary of the original report.