Modal raises $750M Series D at $15.75B valuation, tops $1B ARR
AI infrastructure company Modal said it raised a $750 million Series D at a $15.75 billion post-money valuation, led by Accel with Kleiner Perkins joining and existing investors including Menlo Ventures, General Catalyst, Redpoint, Lux Capital and Bain Capital Ventures participating. The company said it has crossed $1 billion in annualized run rate, that usage has tripled in the five months since its Series C and grown more than 15x year over year, and that its Sandboxes product alone runs at roughly a $300 million annual rate with close to 3 billion sandboxes started since 2023. It lists customers such as DoorDash, Ramp, Linear, Cognition and Runway, alongside robotics firms Physical Intelligence and 1X training robots on its platform.
It shows demand for inference, training and agent execution infrastructure is still converting quickly into revenue, with capital continuing to concentrate in the AI compute and runtime layer.