Modal, a Swedish-founded provider of cloud infrastructure for AI workloads, has closed a USD 750 million Series D financing and is now valued at $15.75 billion. The company says its annualized revenue has passed $1 billion, five months after its previous round.
Modal supplies infrastructure for model training, inference and isolated runtimes for AI-generated code. Founder and CEO Erik Bernhardsson says usage has tripled since the company’s Series C in May, and that the business has grown more than 15-fold over the past year. Modal is based principally in the United States, has opened offices in London and reports that its newest product, Sandboxes, alone represents $300 million in annualized revenue.