General Catalyst, Redpoint Fuel Modal's AI Infrastructure Push With $355 Million Raise

General Catalyst, Redpoint Fuel Modal's AI Infrastructure Push With $355 Million Raise

Artificial intelligence and serverless cloud computing company Modal Labs closed a Series C round totaling $355 million, putting the company at a $4.65 billion post-money valuation. The company said it has expanded fivefold since September and is now above $300 million in annualized revenue. The financing was led by General Catalyst and Redpoint, with Menlo, Bain Capital Ventures and Accel coming in as new backers, the company revealed in a pres…

Modal Labs valued at $4.65 billion as AI coding takes off

AI startups have been whipped by two shifts this year: the surge in AI coding and the increasing scarcity of computing power. Modal Labs is confronting both.

Exclusive-Modal Labs valued at $4.65 billion as AI coding takes off

By Deepa Seetharaman SAN FRANCISCO, May 21 (Reuters) – AI startup Modal raised $355 million in a new round of financing, valuing the company at $4.65 billion, CEO Erik Bernhardsson told Reuters. AI ​startups have been whipped by two shifts this year: ‌the surge in AI coding and the increasing scarcity of computing power. Modal Labs is confronting both. The startup helps AI companies access the chips they need to run AI tools, called inference. I…

Serverless AI infrastructure startup Modal Labs seals $355M funding round

Artificial intelligence startups are facing two massive headaches: there’s too much AI-generated code to deal with, and not nearly enough compute power to run it all on. Modal Labs Inc., which has just raised $355 million in a new funding round, believes it can kill both birds with one stone. The New York City-based startup […] The post Serverless AI infrastructure startup Modal Labs seals $355M funding round appeared first on SiliconANGLE.