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  8. TechCrunch AI

    Modal Labs is nearing completion of a $750 million funding round at a valuation of $15.75 billion

    According to people familiar with the matter, AI inference infrastructure provider Modal Labs is nearing completion of a $750 million funding round led by Accel at a valuation of $15.75 billion, more than tripling its $465 million valuation from four months ago. Modal Labs declined to comment. The round comes amid surging demand for inference services, with inference startups such as Baseten, Fireworks, and Fal also in talks to raise at higher valuations. Modal was founded in 2021 and is headquartered in New York, with about 150 employees. Its customers include Cognition, Suno, Ramp, and Substack, and its annualized revenue had exceeded $300 million as of May. In July of this year, Modal disclosed that a customer's data was leaked in a malicious OpenAI agent attack campaign targeting Hugging Face; its CTO said the issue stemmed from a vulnerability in the customer's own code and that the platform was not breached.

    s to raise at higher valuations. Modal was founded in 2021 and is headquartered in New York, with about 150 employees. Its customers include Cognition, Suno, Ramp, and Substack, and its annualized revenue had exceeded $300 million as of May. In July of this year, Modal disclosed that a customer's data was leaked in a malicious OpenAI agent attack campaign targeting Hugging Face; its CTO said the issue stemmed from a vulnerability in the customer's own code and that the platform was not breached.

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