Modal Labs
About Modal Labs
Modal Labs is a AI Infrastructure startup based in New York City, United States that has raised $465M in venture capital across 4 funding rounds since 2021. The company reached Series C stage in February 2022 with a $7M round led by Amplify Partners. Modal Labs's investor base includes 7 institutional funds, with Redpoint Ventures leading the most recent equity round.
Modal is a serverless cloud platform purpose-built for AI workloads, enabling developers to run training, inference, and batch jobs directly from Python with sub-second cold starts and automatic scaling to thousands of GPUs. Founded in 2021 by Erik Bernhardsson — former Spotify ML infrastructure lead and CTO of Better.com — and Akshat Bubna, Modal built a custom file system, container runtime, and job scheduler tuned specifically for AI workflows rather than adapting general-purpose cloud infrastructure. The platform's annualized revenue grew from approximately $60M in September 2025 to over $300M by May 2026 — a 5× increase driven primarily by LLM inference workloads and AI coding tools. Modal raised a $355M Series C in May 2026 at a $4.65B valuation co-led by Redpoint Ventures and General Catalyst, with participation from Accel and Menlo Ventures, quadrupling its valuation from the $1.1B Series B just eight months prior. Total equity raised exceeds $460M across four rounds since inception.
Modal Labs Funding Rounds Timeline
4 rounds · $465M raised · since 2021
| Round | Date | Amount | Valuation | Lead investor | Co-investors |
|---|---|---|---|---|---|
| Seed | February 2022 | $7M | — | Amplify Partners | — |
| Series A | October 2023 | $16M | — | Redpoint Ventures | Amplify Partners, Lux Capital, Definition Capital |
| Series B | September 2025 | $87M | $1.1B | Lux Capital | — |
| Series C | May 2026 | $355M | $4.7B | Redpoint Ventures | General Catalyst, Accel, Menlo Ventures, Lux Capital |
Investors in Modal Labs
7 institutional investors across 4 rounds
Lead investors
Co-investors
Recent news about Modal Labs
Questions about Modal Labs
How much has Modal Labs raised?
Modal Labs has raised $465M across 4 funding rounds since 2021.
Who are the investors of Modal Labs?
Modal Labs's investors include Redpoint Ventures, Lux Capital, General Catalyst, Amplify Partners, Accel, Menlo Ventures, Definition Capital.
When was Modal Labs's last funding round?
Modal Labs's most recent round was a $7M Seed in February 2022, led by Amplify Partners.
What is Modal Labs's valuation?
Modal Labs reached a $4.7B valuation (unicorn status) with its Seed round in February 2022.
Where is Modal Labs headquartered?
Modal Labs is headquartered in New York City, United States, and was founded in 2021 by Erik Bernhardsson, Akshat Bubna.