Modal Labs raises $750 million for AI infrastructure led by Accel
Business
Modal Labs, co-founded by Akshat Bubna, just pulled in a massive $750 million funding round led by Accel and backed by big names like Kleiner Perkins and Bain Capital Ventures.
The fresh cash is set to fuel their mission of building the tech backbone for next-gen AI apps.
Modal's valuation triples to $15.7 billion
Since May, Modal's valuation has more than tripled to $15.7 billion, with annual revenue run rate jumping from $300 million to over $1 billion, thanks to a surge in users.
A big part of this success comes from their product Sandboxes, which allows AI agents to run code safely, while Modal's platform draws capacity from more than 20 cloud providers, and already has a $300 million annualized run rate.