capital · May 22, 2026
Modal raises $355M Series C at $4.65B post-money valuation
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Modal Labs closed a $355 million Series C at a $4.65 billion valuation roughly 22 hours ago. Revenue surged fivefold in about six months to around $300 million annualized, driven by AI-assisted coding per CEO Erik Bernhardsson. The round was led by Redpoint Ventures and General Catalyst with new participation from Accel and Menlo Ventures. The company has launched over 1 billion sandboxes and plans to expand low-latency inference, reinforcement learning loops, and agent execution environments.
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