capital · May 22, 2026
Modal raises $355M Series C at $4.65B valuation
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Modal raised $355 million in Series C funding at a $4.65 billion post-money valuation on May 21, 2026. The round was led by General Catalyst and Redpoint Ventures with participation from Menlo Ventures, Bain Capital Ventures, and Accel; existing major investors also participated. Revenue grew fivefold since September 2025 to surpass $300 million in annualized run rate, with over 1 billion sandboxes launched on the platform. Erik Bernhardsson, CEO and co-founder, stated that AI coding tools have driven the surge, and the company works with 13 compute providers to support low-latency inference, reinforcement learning, and agent sandboxes for customers including DoorDash, Cognition, Physical Intelligence, Chai Discovery, and Suno.