capital · May 20, 2026

Modal Labs in Talks for New Funding Round at $2.5 Billion Valuation

Modal Labs discusses a potential new funding round at approximately $2.5 billion valuation with General Catalyst possibly leading, according to four sources familiar with the talks on February 11, 2026. The round would more than double the $1.1 billion valuation from the $87 million Series B announced less than five months prior in September 2025. Modal reports annualized revenue run rate of about $50 million at the time. CEO Erik Bernhardsson described recent VC interactions as general conversations rather than active fundraising. Discussions remain early and terms could change.