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- Fal
Fal Revenue, Valuation, Funding & Investors
Fal is valued at $4.5B as of December 2025, a 22.5x multiple on its last reported $200M revenue.
Last Fal valuation
$4.5B
Series D · Dec 2025
Last Fal funding round
$140M
Series D · Dec 2025
Fal revenue
$200M
Series D · Dec 2025
Key investors in Fal
Andreessen Horowitz
Kindred Ventures
Bessemer Venture Partners
First Round Capital
Notable Capital
Sequoia Capital
About Fal
Fal is a San Francisco-headquartered generative media platform providing AI tools for developers to create audio, video, and images. The service supports rapid inference via APIs compatible with models like Stable Diffusion and Llama, enabling seamless integration into apps for content generation. Fal optimizes GPU resources for high-speed media production in creative and production workflows.
Founded
2021
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Usage-based, Subscription
Revenue
$200M (Dec 2025)
Valuation
$4.5B (Dec 2025)
Fal Valuation
Fal is currently valued at $4.5B, based on its Series D in December 2025.
The $140M round was led by Sequoia Capital, with participation from Salesforce Ventures, Kleiner Perkins, NVentures, Bessemer Venture Partners, Andreessen Horowitz and 5 other investors.
Fal's valuation has grown 56x from $80M at its Series A in September 2024 to $4.5B in December 2025, across 4 priced rounds.
Fal valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Dec 2025 | Series D | $4.5B | 22.5x |
| Oct 2025 | Series D | $4B | 20.0x |
| Jul 2025 | Series C | $1.5B | 15.8x |
| Sep 2024 | Series A | $80M | - |
Fal Revenue
Fal's latest recorded revenue is $200M, as of its Series D in December 2025. At a $4.5B valuation, that implies a 22.5x revenue multiple.
Revenue grew from $95M in July 2025 to $200M in December 2025, while the revenue multiple moved from 15.8x to 22.5x.
Fal revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Dec 2025 | $200M | $4.5B | 22.5x | Series D |
| Oct 2025 | $200M | $4B | 20.0x | Series D |
| Jul 2025 | $95M | $1.5B | 15.8x | Series C |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Fal Funding History
Fal has raised a total of $587M across 6 funding rounds.
Fal's first fundraising round was a $9M pre-seed round in July 2022. The most recent completed round was a $140M Series D in December 2025.
Fal funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Dec 2025 | Series D | Sequoia Capital (lead); Salesforce Ventures; Kleiner Perkins; NVentures; Bessemer Venture Partners; Andreessen Horowitz; Kindred Ventures; Alkeon Capital; Shopify Ventures; Meritech Capital Partners; Notable Capital | $140M | $4.5B | Fal is a San Francisco-based AI infrastructure startup founded in 2021 by ex-Coinbase machine learning leader Burkay Gur and ex-Amazon developer Gorkem Yurtseven. The company provides a platform for hosting and deploying image, video, audio, and multimodal AI models in real-time, serving developers and enterprise customers including Adobe, Shopify, Canva, and Quora. Fal powers applications in commerce, design, entertainment, and AI-native categories, with fast inference for models like SDXL and Whisper, supporting millions of developers and hundreds of enterprise teams. On December 9, 2025, Fal raised $140 million in a Series D round led by Sequoia Capital, with participation from Kleiner Perkins, Alkeon Capital, NVentures (NVIDIA's VC arm), Andreessen Horowitz, Bessemer Venture Partners, Kindred Ventures, Meritech Capital Partners, Notable Capital, Salesforce Ventures, and Shopify Ventures. This marked Fal's third fundraise in 2025, following a $125 million Series C in July at a $1.5 billion valuation, tripling the company's post-money valuation to $4.5 billion. The round included primary capital for operations and secondary sales by existing investors, with earlier reports noting a $250 million total process at over $4 billion valuation. Fal surpassed $200 million in revenue as of October 2025, having more than tripled revenue since 2024 per its Series C announcement. The company had over 2 million developers on the platform by July and now supports hundreds of millions of users. Funds from the Series D will accelerate hiring in go-to-market and engineering, develop new product lines, and expand global infrastructure to meet rising demand for generative media. Fal's rapid growth reflects the 2025 AI infrastructure boom, positioning it as a key 'pick-and-shovel' provider amid competition for scaling multimodal AI without custom data centers. Total funding reached approximately $465 million across rounds, highlighting investor enthusiasm for its traction and client roster. |
| Oct 2025 | Series D | Kleiner Perkins (lead); Sequoia Capital (lead) | $250M | $4B | Fal is a San Francisco-based AI infrastructure startup founded in 2021 by ex-Coinbase machine learning leader Burkay Gur and ex-Amazon developer Gorkem Yurtseven, providing the backend for hosting and deploying image, video, audio, and multimodal AI models for developers and enterprises including Adobe, Shopify, Canva, and Quora. The company powers real-time generative media, serving millions of developers and hundreds of enterprise teams across commerce, design, entertainment, and AI-native categories, with billions of monthly generative assets processed. TechCrunch reported in October 2025 that Fal was raising ~$250M (including secondary sales) at over $4B valuation from Sequoia and Kleiner Perkins, later formalized as a $140M Series D in December 2025 led by Sequoia with Kleiner Perkins participation, valuing Fal at $4.5B post-money—tripling from $1.5B in the July 2025 $125M Series C. Additional investors included Andreessen Horowitz, Alkeon Capital, NVentures (NVIDIA's VC arm), Kindred Ventures, Meritech, Bessemer, Notable Capital, Shopify Ventures, and Salesforce Ventures. This marked Fal's third raise in 2025. Fal surpassed $200M in revenue as of October 2025 per Bloomberg, having more than tripled revenue since 2024 by the July Series C. Funds from the Series D support hiring in engineering and go-to-market, global infrastructure expansion, and new product lines for real-time generative media. Fal positions as a pick-and-shovel infrastructure play in the AI gold rush, enabling multimodal AI without custom data centers amid surging demand. |
| Jul 2025 | Series C | Meritech Capital Partners (lead); Salesforce Ventures; Village Global; First Round Capital; Google AI Futures Fund; Bessemer Venture Partners; Andreessen Horowitz; Kindred Ventures; Shopify Ventures; Unusual Ventures; Notable Capital | $125M | $1.5B | Fal (Features & Labels, Inc.) is a San Francisco-based AI infrastructure company founded in 2023 by Burkay Gür and Gorkem Yurtseven. It provides a generative media platform enabling real-time creation of images, video, audio, and 3D through a proprietary serverless inference engine. The platform supports any AI model—open-source, proprietary, or commercial—via simple API integration, automatically scaling globally while eliminating DevOps overhead. Fal serves over 1 million developers and 100+ enterprise customers including Quora, Canva, Perplexity, Shopify, Moonvalley, Foster + Partners, and Play AI, generating billions of assets monthly with up to 10x lower latency than competitors and 99.99% uptime. On July 31, 2025, Fal raised $125 million in a Series C round led by Meritech Capital Partners at a $1.5 billion valuation, bringing total funding to $197 million. New investors included Salesforce Ventures, Shopify Ventures, and Google AI Futures Fund, alongside existing backers Andreessen Horowitz, Bessemer Venture Partners, First Round Capital, Kindred Ventures, Notable Capital, Unusual Ventures, and Village Global. The round matched the query's specified investors and lead. Fal plans to use the proceeds to expand its infrastructure platform, accelerate enterprise and developer adoption, enhance product development, scale operations globally, and invest in technology capabilities. The company demonstrated strong momentum, doubling ARR since February 2025 and growing revenue over 50% in the two months prior to the announcement, processing over 100 million inference requests daily. In the competitive AI/ML sector focused on generative media and inference, Fal positions itself as the go-to platform for real-time AI content at scale, particularly for demanding video workflows. Post-Series C, Fal continued rapid growth, more than doubling run-rate in four months, tripling team size in 2025, completing a strategic acquisition, and launching new product lines, leading to a $140 million Series D in December 2025 led by Sequoia. |
| Feb 2025 | Series B | Andreessen Horowitz (lead); Notable Capital (lead); First Round Capital; Bessemer Venture Partners; Kindred Ventures | $49M | - | - |
| Sep 2024 | Series A | Kindred Ventures (lead); e2vc; Balaji Srinivasan; First Round Capital; Julien Chaumond; Guillermo Rauch; Andreessen Horowitz; Aravind Srinivas | $14M | $80M | Fal raised a $14M funding round led by Kindred Ventures. |
| Jul 2022 | Pre-seed | Andreessen Horowitz (lead) | $9M | - | - |
Who has invested in Fal?
20 investors have backed Fal across its funding rounds, including Andreessen Horowitz, Kindred Ventures, Bessemer Venture Partners, First Round Capital, Notable Capital and Sequoia Capital.
Lead investors include Sequoia Capital, Kleiner Perkins, Meritech Capital Partners, Andreessen Horowitz, Notable Capital and 1 other investor.
Fal Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 5 | Lead | Jul 2022 | ||
| 4 | Lead | Sep 2024 | ||
| 3 | Participant | Sep 2024 | ||
| 3 | Participant | Feb 2025 | ||
| 3 | Lead | Feb 2025 | ||
| 2 | Participant | Jul 2025 | ||
| 2 | Lead | Oct 2025 | ||
| 2 | Lead | Oct 2025 | ||
| 2 | Participant | Jul 2025 | ||
| 2 | Lead | Jul 2025 | ||
| 1 | Participant | Jul 2025 | ||
| 1 | Participant | Sep 2024 | ||
| 1 | Participant | Sep 2024 | ||
This data is available for Pro users. Sign up to see all 20 Fal investors. Start Free Trial | ||||
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Start Free TrialAcquisitions by Fal
Fal has acquired 2 companies to date.
Last acquisition by Fal was on September 14th 2026. Fal acquired Lucent for undisclosed valuation.
Latest Acquisitions by Fal
| Description | Lucent is an AI platform that coordinates autonomous agents for content creation and paid media campaigns. | Remade is a Tel Aviv-based AI platform that converts smartphone product photos into studio-quality images for e-commerce and social media. Launched in 2022, the service uses generative AI models to generate customizable visuals in under 15 minutes, slashing costs from hundreds to a few dollars per image. Remade integrates with Shopify, Amazon, and Instagram, enabling brands to produce infinite variations in lighting, backgrounds, and styles while maintaining photorealistic accuracy for fashion, electronics, and consumer goods listings. |
| HQ Country | ||
| HQ City | San Francisco, CA | San Francisco, CA |
| Deal Date | 14 Sep 2026 | 6 Nov 2025 |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all Fal acquisitions and their M&A valuation multiples. Start Free Trial | ||
Fal Competitors
Fal competitors include listed companies like Presight AI and Haizhi, and private ones like ElevenLabs, Recursive Superintelligence, Ineffable Intelligence and Legora.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $500M | - | $11B | 22.0x | ||
| Private | - | - | $4.7B | - | ||
| Private | - | - | $5.1B | - | ||
| Private | $100M | - | $5.6B | 56.0x | ||
| Publicly listed | $825M | $214M | $5.7B | 5.4x | ||
| Publicly listed | $93M | ($30M) | $2.1B | 16.3x |
Fal Public Comps
Fal is still privately-owned, but its public comps include Tenable, XtalPi, CorVel, Presight AI, Fermi, Infleqtion, Shenzhen Intellifusion, SenseTime Group, SoundHound and Intsig Information.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $999M | $31M | 4.1x | 3.9x | 129.9x | 15.3x | |||
| $120M | $22M | 24.8x | 21.5x | 134.0x | (141.6x) | |||
| $959M | $175M | 3.5x | - | 19.1x | - | |||
| $825M | $214M | 6.3x | 5.4x | 24.4x | 20.8x | |||
| - | ($490M) | - | 281.8x | (7.5x) | (63.2x) | |||
| $29M | ($52M) | 92.3x | 64.5x | (50.9x) | (60.0x) | |||
| $200M | ($3M) | 14.3x | 14.6x | (952.5x) | (1086.5x) | |||
| $748M | ($70M) | 6.9x | 5.8x | (73.5x) | 113.7x | |||
This data is available for Pro users. Sign up to see all Fal competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Fal
| When was Fal founded? | Fal was founded in 2021. |
| Where is Fal headquartered? | Fal is headquartered in San Francisco, CA, United States. |
| Is Fal publicly listed? | No, Fal is a private, VC-backed company. |
| What is Fal's valuation? | Fal was last valued at $4.5B in its Series D in December 2025. |
| How much funding has Fal raised? | Fal has raised $587M across 6 funding rounds. |
| What was Fal's last funding round? | Fal's last funding round was a $140M Series D in December 2025, led by Sequoia Capital. |
| Who are Fal's investors? | Fal's investors include Andreessen Horowitz, Kindred Ventures, First Round Capital, Bessemer Venture Partners, Notable Capital, Salesforce Ventures, Kleiner Perkins, Sequoia Capital, Shopify Ventures, Meritech Capital Partners and 10 others. |
| What is Fal's revenue? | Fal's latest recorded revenue is $200M (December 2025). |
| What is Fal's revenue multiple? | Fal's latest valuation implies a 22.5x revenue multiple ($4.5B valuation on $200M of revenue). |
| Which companies are comparable to Fal? | Companies comparable to Fal include ElevenLabs, Recursive Superintelligence, Ineffable Intelligence, Legora, Presight AI and Haizhi. |
| How many companies has Fal acquired? | Fal has acquired 2 companies, including Lucent and Remade. |
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