Modal raises $750M Series D at $15.75B valuation, crosses $1B annualized run rate
[AINews] Modal’s $1B ARR, $16B Series D makes it NYC’s newest AI Infra Decacorn, 3x usage and 3x valuation in 5 months, 15x in 1 yr
What happened
Modal crossed $1B in annualized run rate and raised a $750M Series D led by Accel at a $15.75B valuation, according to the company announcement cited by Latent Space. Usage grew more than 15x year over year. Modal’s Erik says Sandboxes alone reached a $300M run rate, with close to 3 billion sandboxes launched and support for a million concurrent sandboxes across uses including background agents and reinforcement learning.
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