Modal Achieves $15.75 Billion Valuation After Raising $750 Million

Modal has announced an annualized run rate of $1 billion and raised $750 million in a Series D funding round led by Accel. Since the last funding round, Modal's usage has tripled, with more than 15x year-over-year growth. The company launched its Sandboxes product in 2023, which has seen a significant increase in demand for large language model applications. Modal offers a variety of use cases, from background agents to reinforcement learning, having spun up nearly 3 billion sandboxes that can scale to a million concurrent users. This rapid growth reflects the increasing demand for advanced infrastructure solutions.