Modal raises $750M at $15.75bn valuation as run rate tops $1bn
Modal, a cloud company that runs AI models and code for developers, announced on Wednesday that it has raised $750 million in a Series D round at a $15.75 billion valuation.
Accel led the round, and Kleiner Perkins joined. All of Modal’s existing investors also took part, including Menlo Ventures, General Catalyst, Redpoint, Lux Capital, Amplify Partners, and Bain Capital Ventures.
The New York-based company said it now earns more than $1 billion in revenue a year. Usage has tripled in the five months since its Series C, co-founder and chief executive Erik Bernhardsson wrote in a blog post. The business has grown more than 15 times in a year, he said.
Modal rents out computing power on graphics chips, which AI companies use to run and train their models. It says it built its own file system, container software, and scheduler, and draws on spare capacity from more than...
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