AI infrastructure company Modal has raised a $750 million Series D at a $15.75 billion post-money valuation. Accel led the round, with Kleiner Perkins and existing investors including Menlo Ventures, General Catalyst, Redpoint, Lux Capital, Amplify Partners and Bain Capital Ventures participating.
Modal says it recently passed $1 billion in annualized revenue, with usage tripling in five months and revenue growing more than fifteenfold year over year. Those figures come from the company and were not independently audited in its announcement. Modal has more than 200 employees across New York, San Francisco and Stockholm.
The company provides serverless infrastructure for AI workloads across a capacity pool spanning more than 20 clouds. Developers use its functions, GPU clusters and isolated sandboxes for model inference, training and code-running agents. Modal says customers have launched nearly three billion sandboxes; that product alone has reached a $300 million annualized run rate and can scale to one million concurrent instances.
The new capital will support infrastructure designed for AI applications, including multi-node training, virtual machines and tools for reinforcement learning and model post-training. The round gives Modal substantial resources, but its growth and usage metrics remain company-reported measures rather than generally accepted revenue figures.