NEW YORK — Modal says it has raised a $355 million Series C round with a valuation of $4.65 billion post-money. The round was led by General Catalyst and Redpoint, with Menlo, Bain Capital Ventures, and Accel joining as new investors. All our existing major investors participated as well, doubling down on their conviction in Modal.
The company reports growing fivefold since September, surpassing $300 million in annualized revenue.
Modal operates a cloud platform built for AI. Not a single-purpose GPU cloud, but a platform with the right primitives for developers to build a very wide range of applications. Today, this looks like low-latency elastic inference, dynamic agent runtimes, reinforcement learning, batch jobs at massive scale, and much more.
Companies using Modal include Doordash and Reducto. Modal employs over 120 workers in New York, San Francisco and Stockholm.
