Source: Inference provider Modal Labs closing in on $750M round at $15.75B valuation
AI-summarised brief · reviewed before publication
AI inference platform Modal Labs is close to securing a $750 million financing round led by Accel, valuing the company at $15.75 billion, a more than three‑fold increase from its $4.65 billion valuation four months earlier. The round, not yet disclosed publicly, follows a $355 million raise in March and comes as demand for inference services—running already‑trained models—soars, especially for open‑source workloads. Modal, founded in 2021 by former Spotify and Scale AI veterans Erik Bernhardsson and Akshat Bubna, offers developers server‑less compute for training and inference and counts customers such as Cognition, Suno, Ramp and Substack. The firm reported over $300 million in annualized revenue in May and recently weathered a security breach tied to a customer’s misconfigured endpoint, not its own infrastructure.
💡 Why It Matters
- · The valuation jump underscores how quickly capital is flowing into the nascent inference layer that underpins most commercial AI products.
