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

AI inference provider Modal Labs is closing in on a $750 million round led by Accel at a $15.75 billion valuation. That is more than triple its $4.65 billion valuation from four months ago. The company's annualized revenue has surpassed $300 million.

• $750M round led by Accel at a $15.75B valuation
• Valuation more than tripled from $4.65B in four months
• Modal's annualized revenue topped $300 million
• Demand for inference services is surging, especially for open models