Modal Labs nears $750M round at $15.75B valuation

modal labs, an ai inference infrastructure provider, is nearing a $750 million funding round led by accel at a $15.75 billion valuation. this new round would more than triple modal's valuation from the $4.65 billion it reached when it announced its $355 million previous fundraise just four months ago. the company, which provides inference services for customers relying on open-source models, had surpassed $300 million in annualized revenue as of may. modal was founded in 2021 by ceo erik bernhardsson and cto akshat bubna, and is based in new york with roughly 150 employees.