Modal Secures $750M in Series D Funding, Reports $1B Annualized Run Rate

Modal, a developer-focused AI infrastructure platform, announced today that it has successfully raised $750 million in a Series D funding round, led by Accel. This latest investment brings Modal's valuation to an impressive $15.75 billion. The company also shared that it has crossed $1 billion in annualized run rate, highlighting its significant growth trajectory. In the time since Modal's Series C funding, the platform has experienced a remarkable increase in usage, tripling during this period and achieving more than 15 times year-over-year growth. The funding will bolster Modal's efforts to expand its offerings and support developers and companies building on its platform. The surge in demand illustrates the growing reliance on robust AI infrastructure solutions, positioning Modal advantageously within the competitive landscape of AI development tools.