Modal Labs Watch posted an update
AI infrastructure company Modal has raised $750 million in a Series D led by Accel, at a $15.75 billion post-money valuation, Axios reports. The round takes Modal’s total funding to $1.2 billion.
Why it mattersAxios also reports that Modal has passed $1 billion in annualised recurring revenue. That is a sizeable commercial milestone for a company selling infrastructure to AI developers, not just another large cheque doing the rounds.
Discuss: Does crossing $1bn in annualised revenue make AI infrastructure a more convincing business than headline valuations do?
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