Modal Labs reaches $15.75B valuation after $750M funding round

Modal Labs, an artificial intelligence cloud infrastructure provider, has raised $750 million in a Series D funding round led by Accel. The investment brings the company’s post-money valuation to $15.75 billion, more than tripling its valuation from its previous funding round in May.

New investors in this round include Kleiner Perkins, while existing investors such as Menlo Ventures, General Catalyst, Redpoint, Lux Capital, and Bain Capital Ventures also participated. The company reported that its annualized revenue has grown to over $1 billion, with usage tripling in recent months.

In tandem with this funding, Modal Labs announced an expansion into Europe with a new office in London. The company aims to support European businesses facing specific local regulatory requirements. The London expansion will be led by Hugh Killingbeck-Jones, who joins as VP EMEA.

Modal’s technology focuses on allowing developers to run machine learning workloads and AI agents through services like Sandboxes, which provides hosted containers optimized for AI tasks. The company recently demonstrated the ability to run 1 million concurrent containers in internal testing.