capital · May 22, 2026
Modal Labs valued at $4.65 billion after $355M Series C round
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Modal Labs raised $355 million in a Series C round valuing the company at $4.65 billion, CEO Erik Bernhardsson told Reuters on May 21, 2026. The round occurred in two tranches, starting at a $2.5 billion valuation before additional investors joined at the higher price; General Catalyst and Redpoint led with Accel and Menlo Ventures in the second tranche. Annualized revenue reached approximately $300 million, up from $60 million in September 2025, fueled by AI coding adoption. Modal partners with 13 cloud providers for compute and serves biotech, hedge funds, and weather-forecasting firms alongside its core AI infrastructure customers.
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