Modal's Series C: Raising $355M at a $4.65B valuation
Summary
Modal raised $355 million in a Series C round at a $4.65 billion post-money valuation, led by General Catalyst and Redpoint with participation from Menlo, Bain Capital Ventures, Accel and existing investors. The company reports fivefold growth since September and has surpassed $300 million in annualized revenue. Modal positions itself as a cloud built for AI workloads, offering low-latency inference, sandboxes for isolated code execution, reinforcement learning support, and elastic GPU scaling across many data centers. It highlights technical achievements (e.g., 100x cold-start improvement with GPU snapshotting), over 1 billion sandboxes launched, sandboxes contributing a large share of revenue, and plans to expand inference, training/inference integration, and agent runtime capabilities.
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