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AI-assisted software development — copilots, AI-native IDEs, autonomous coding agents, and prompt-first app builders. Examples: Cursor, GitHub Copilot, Cognition (Devin), Bolt, Lovable, v0, Windsurf, Poolside.
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Blitzy raised $200 million at a $1.4 billion valuation on May 5, 2026, led by Northzone. Co-founders Brian Elliott and Sid Pardeshi met at Harvard; the platform uses collaborative AI agents to handle weeks-long development tasks on large enterprise codebases. The round included PSG, Battery Ventures, and Liberty Mutual following a $4.4 million seed round in 2024 from Link Ventures, Bessemer, Flybridge, NFX, Picus, and Asymmetric. Blitzy has been adopted by dozens of Global 2000 enterprises and scores 66.5% on SWE-Bench Pro.
Blitzy announced a $200 million funding round at a $1.4 billion valuation on May 5, 2026. The round was led by Northzone with participation from PSG, Battery Ventures, Jump Capital, Morgan Creek Digital, Defiant, Flybridge, Link Ventures, NFX, Picus Capital, Venture Guides, Liberty Mutual Strategic Ventures, Erie Strategic Ventures, and BAL Ventures. Blitzy's platform reverse-engineers codebases of 1M-100M+ lines of code and orchestrates thousands of AI agents using models from Google, Anthropic, and OpenAI to complete multi-month development projects autonomously. Northzone led the round after Blitzy's prior $4.4 million raise in 2024.
Modal Labs secured $355 million in Series C funding reaching a $4.65 billion valuation. The serverless AI infrastructure startup achieved 5x growth to $300 million annualized revenue in eight months since its prior round. Funds target enhanced low-latency inference, reinforcement learning training, and developer team expansion. Erik Bernhardsson serves as CEO of the New York-based company focused on AI workloads including agent sandboxes and batch jobs.
Modal, the New York City-based AI-native cloud compute and serverless container platform, raised $355 million in Series C funding at a $4.65 billion post-money valuation. General Catalyst and Redpoint led the round with new investors Menlo Ventures, Bain Capital Ventures, and Accel joining alongside existing backers. The funding supports expansion of low-latency inference, reinforcement learning infrastructure, and GPU sandboxing systems while growing engineering teams in New York, San Francisco, and Stockholm. Co-founders Erik Bernhardsson and Akshat Bubna lead the company, which has now raised approximately $466 million total.
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.
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.
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.