Modal, a cloud infrastructure provider for AI agents founded in 2021, has secured $750 million in a new funding round. This investment brings the company's valuation to $15.75 billion, marking its status as a decacorn. The round was led by Accel, with participation from Kleiner Perkins and existing investors including Menlo Ventures, General Catalyst, Redpoint, Lux Capital, and Bain Capital Ventures.
The company reports that its annualised run rate has surpassed $1 billion, with usage growing more than 15 times year-on-year. Modal aggregates computing capacity from over 20 cloud providers, allowing developers to execute code without managing servers. The platform currently employs over 200 staff across offices in New York, San Francisco, and Stockholm.
A key driver of growth is the Sandboxes product, launched in 2023, which provides isolated environments for AI-generated code. Sandboxes now account for nearly one-third of the company's run rate, reaching $300 million. The platform has facilitated the launch of nearly 3 billion sandboxes, with the capacity to support 1 million concurrent instances.
Modal's client base includes companies such as DoorDash, Ramp, Linear, and Physical Intelligence. The platform is utilized for tasks ranging from training robots to running background agents. Modal has raised approximately $1.2 billion in total disclosed funding across its seed, Series A, Series B, Series C, and Series D rounds.
