Modal raises $750M Series D at $15.75B valuation, tops $1B in ARR
What's the deal? AI infrastructure startup Modal has raised a $750 million Series D led by Accel, chief executive officer Erik Bernhardsson told Axios Pro. The round values the company at $15.75 billion post-money.
By the numbers: Modal has topped $1 billion in annual recurring revenue, Bernhardsson said. The milestone underscores demand for its serverless platform, which gives companies on-demand access to compute.
Why now? Valuations for AI-specific serverless cloud platforms like Modal and rival Baseten are rising as companies scramble to secure compute. The fresh capital lets Modal keep pace with that demand.
The signal: At $750 million, Modal's raise sits in the top 1% of all US enterprise software Series D rounds on record — a marker of how aggressively investors are backing the picks-and-shovels layer of the AI boom.
Read more: Axios
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