Modal has raised $750 million in Series D funding at a $15.75 billion valuation, five months after its previous financing round, as demand for infrastructure supporting AI applications accelerates.
Accel led the investment, with participation from Kleiner Perkins and existing backers including Menlo Ventures, General Catalyst, Redpoint, Lux Capital, Amplify Partners and Bain Capital Ventures. Modal was valued at $4.65 billion when it raised $355 million in May.
Founded by Erik Bernhardsson and Akshat Bubna, Modal provides cloud infrastructure designed for running AI models, executing code and training machine learning systems. Its platform allows developers to provision computing resources without directly managing servers or complex infrastructure.
Modal says it has crossed $1 billion in annualized revenue run rate, with usage tripling over the past five months. Its Sandboxes product, which provides isolated computing environments for AI agents to execute code, has reached a $300 million annualized run rate on its own. The company reports having launched nearly three billion sandboxes, with support for up to one million concurrent environments.
Those figures are company-reported run rates rather than audited annual revenue. Modal's longer-term challenge is maintaining its growth while competing with established cloud providers and managing the substantial infrastructure costs associated with increasingly autonomous software.