Modal has reached a valuation of $15 billion, marking a more than threefold increase from its previous valuation of $4.65 billion. This milestone follows a Series C funding round in May, during which the company raised $355 million.
The company reported that its usage has tripled over the last five months, with year-over-year growth exceeding 15 times. Modal has also surpassed $1 billion in annualized run rate. The platform provides cloud infrastructure for developing, training, and serving AI applications.
Modal's services include inference, training, sandboxes, and functions. Clients utilize the platform for tasks ranging from building agents and generating video to training robots and conducting drug discovery.
Accel, which highlighted the rapid growth of the AI infrastructure market, noted that Modal serves a wide range of clients from small startups to large global enterprises. The company plans to use its new capital to continue product development.
