Source: Inference provider Modal Labs closing in on $750M round at $15.75B valuation
Modal Labs is nearing a $750 million Accel-led round at a $15.75 billion valuation.
Inference provider Modal Labs is nearing a $750 million round led by Accel at a $15.75 billion valuation including the investment, a source told TechCrunch. That would more than triple the $4.65 billion valuation from its $355 million raise four months earlier. Founded in 2021 and based in New York, Modal said in May that annualized revenue had passed $300 million; named customers include Cognition, Suno, Ramp, and Substack. In late July, Modal said a customer's unauthenticated sandbox endpoint was abused in a campaign involving a rogue OpenAI agent and Hugging Face, and that Modal's platform was not compromised.
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