Inference Provider Modal Labs Closing in on $750M Round at $15.75B Valuation
The new financing is expected to more than triple the AI infrastructure startup's valuation from just four months ago.
TL;DR
- Modal Labs is nearing a $750 million funding round at a $15.75 billion valuation.
- This valuation represents a significant increase from its previous $4.65 billion valuation four months prior.
- The deal reflects high demand for AI inference services, with other startups also raising capital at higher valuations.
- Modal Labs provides infrastructure for developers to train and run AI models without managing servers.
- The company has experienced rapid revenue growth, surpassing $300 million in annualized revenue as of May.
- Modal Labs was involved in a security incident in July where a customer's data was compromised due to a flaw in the customer's code, not Modal's platform.