Modal Labs Revenue, Valuation, Funding & Investors

Modal Labs is valued at $4.7B as of May 2026, a 15.5x multiple on its last reported $300M revenue.

Last Modal Labs valuation

$4.7B

Series C · May 2026

Last Modal Labs funding round

$355M

Series C · May 2026

Modal Labs revenue

$300M

Series C · May 2026

Key investors in Modal Labs

  • Redpoint
  • Amplify Partners
  • Accel
  • General Catalyst
  • Bain Capital Ventures
  • Lux Capital

Modal Labs Overview

About Modal Labs

Modal Labs is a Stockholm and New York-headquartered cloud platform for running machine learning workloads. Developers deploy models, parallel jobs, task queues, and web applications using Python code that automatically scales across GPU and CPU containers. The serverless infrastructure handles orchestration without manual DevOps.


Founded

2021

HQ

SwedenStockholm

Website

modal.com

Status

Privately held

Customer focus

B2B

Revenue model

Usage-based, Subscription

Revenue

$300M (May 2026)

Valuation

$4.7B (May 2026)

Modal Labs Valuation

Modal Labs is currently valued at $4.7B, based on its Series C in May 2026.

The $355M round was led by General Catalyst and Redpoint, with participation from Menlo Ventures, Bain Capital Ventures and Accel.

Modal Labs' valuation has grown 4.2x from $1.1B at its Series B in September 2025 to $4.7B in May 2026, across 2 priced rounds.

Modal Labs valuation by funding round

Revenue multiple
Modal Labs valuation by funding round
DateStageValuationRevenue Multiple
May 2026Series C$4.7B15.5x
Sep 2025Series B$1.1B22.0x

Modal Labs Revenue

Modal Labs' latest recorded revenue is $300M, as of its Series C in May 2026. At a $4.7B valuation, that implies a 15.5x revenue multiple.

Revenue grew from $50M in September 2025 to $300M in May 2026, while the revenue multiple moved from 22.0x to 15.5x.

Modal Labs revenue by funding round

Modal Labs revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
May 2026$300M$4.7B15.5xSeries C
Sep 2025$50M$1.1B22.0xSeries B

* 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.

Modal Labs Funding History

Modal Labs has raised a total of $466M across 4 funding rounds.

Modal Labs' first fundraising round was a $7M seed round in January 2022. The most recent completed round was a $355M Series C in May 2026.

Modal Labs funding rounds

Modal Labs funding rounds
DateStageInvestorsRaisedValuationDeal Summary
May 2026Series CGeneral Catalyst (lead); Redpoint (lead); Menlo Ventures; Bain Capital Ventures; Accel$355M$4.7BModal Labs raised USD 355 million in a Series C at a USD 4.65 billion post-money valuation. The round was led by General Catalyst and Redpoint, with participation from Accel, Menlo Ventures, and Bain Capital Ventures; existing major investors also participated. The financing was completed in two tranches, with the first tranche priced at a USD 2.5 billion valuation before additional demand lifted the final valuation to USD 4.65 billion. The company said the new capital follows fivefold growth since September and supports continued expansion of its AI infrastructure platform for developers running AI and machine learning workloads. The raise comes after a February 2026 report that Modal was in talks around a USD 2.5 billion valuation and had an ARR of about USD 50 million at that time, indicating rapid revenue acceleration into May 2026. Modal was founded in 2021 by Erik Bernhardsson and Akshat Bubna and is described as a cloud computing platform and serverless AI infrastructure startup. Modal has now raised a total of USD 466 million in reported equity funding. The company said it surpassed USD 300 million in annualized revenue, and it has described the round as reflecting investor conviction in the scale of demand for AI infrastructure. No EBITDA figure was disclosed.
Sep 2025Series BLux Capital (lead); Redpoint; Amplify Partners$87M$1.1BModal Labs is an AI-native infrastructure startup founded by Erik Bernhardsson and Akshat Bubna, providing a global, code-first compute platform designed specifically for AI and machine learning workloads. The platform supports the full ML lifecycle, from training and inference to batch processing and sandboxed environments, offering instant access to pooled GPUs and CPUs with serverless usage-based pricing and sub-second container startups. Modal closed an $87 million Series B funding round in September 2025 led by Lux Capital, with participation from existing investors. The round valued the company at $1.1 billion post-money and brought total capital raised to $111 million. The company will use the funds to expand its product suite, scale its global compute network, and optimize its infrastructure for AI developers. Modal's product offerings include Inference for running LLMs and generative models on thousands of GPUs, Sandboxes for secure dynamically-defined environments for agents, Batch for launching massive parallel jobs, Training with RDMA-interconnected clusters, and Notebooks for collaborative data analysis. The company serves a wide range of use cases, including generative AI, LLM fine-tuning, computational biotech, drug discovery, media processing, batch transcription, and protein folding. Headquartered in New York with offices in Stockholm and San Francisco, Modal's customer base includes leading biotech and AI companies ranging from startups to established technology firms. The team comprises experienced engineers, product leaders, academic researchers, and creators of widely-used open-source projects, emphasizing developer experience as a core principle to enable rapid iteration and efficient deployment of AI models into production.
Oct 2023Series ARedpoint (lead)$17M-Modal Labs raised $16 million in its Series A funding round on October 10, 2023, led by Redpoint Ventures with participation from Amplify Partners, Lux Capital, Definition Capital, and others, bringing total funding to $23 million following a prior seed round. The company provides cloud-based infrastructure for data teams, enabling serverless GPU-based inference for generative AI applications, computational biotech, media processing, and other complex computing needs. Early customers included Ramp, Substack, and SphinxBio. Modal plans to use the funds to accelerate product development, expand to enterprise customers in pharmaceuticals and financial services, and hire engineers in New York City.
Jan 2022SeedAmplify Partners (lead); Leigh Marie Braswell; Bucky Moore; Karim Atiyeh$7M-Modal Labs raised a $7 million seed round in January 2022 led by Amplify Partners to develop its initial AI infrastructure and cloud data services platform. Investors included Amplify Partners, with participation from others such as Bucky Moore, Karim Atiyeh, and Leigh Marie Braswell. The company provides cloud-based infrastructure for developers and data teams, focusing on serverless GPU compute for AI workloads like model inference and fine-tuning. Following the seed round, Modal Labs progressed with later financings, including a $16 million Series A in October 2023 led by Redpoint Ventures and Amplify Partners at a $138 million pre-money valuation, bringing total funding to $23 million. The platform launched publicly in 2023, attracting early customers like Ramp, Substack, and SphinxBio.

Who has invested in Modal Labs?

10 investors have backed Modal Labs across its funding rounds, including Redpoint, Amplify Partners, Accel, General Catalyst, Bain Capital Ventures and Lux Capital.

Lead investors include General Catalyst, Redpoint, Lux Capital and Amplify Partners.


Modal Labs Investors

Investors in Modal Labs by funding rounds participated
InvestorHQRoundsRoleFirst check
RedpointUnited StatesSan Francisco, CA3LeadOct 2023
Amplify PartnersUnited StatesSan Francisco, CA2LeadJan 2022
General CatalystUnited StatesSan Francisco, CA1LeadMay 2026
Menlo VenturesUnited StatesSan Francisco, CA1ParticipantMay 2026
Lux CapitalUnited StatesNew York City, NY1LeadSep 2025
Leigh Marie BraswellUnited StatesUnited States1ParticipantJan 2022
Bucky MooreUnited StatesUnited States1ParticipantJan 2022
Karim AtiyehUnited StatesNew York City, NY1ParticipantJan 2022

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Acquisitions by Modal Labs

Modal Labs has acquired 2 companies to date.

Last acquisition by Modal Labs was on May 27th 2025. Modal Labs acquired Twirl for undisclosed valuation.


Latest Acquisitions by Modal Labs

Twirl
Tidbyt
Description
-
Tidbyt is a San Francisco-headquartered maker of customizable smart LED displays showing weather, stocks, calendars, transit schedules, and custom animations. The Wi-Fi-enabled device integrates with Home Assistant and IFTTT, shipping to customers in the U.S. and Canada. Tidbyt produces wall-mount and desk models with 64x32 pixel matrices.
HQ CountrySwedenUnited States
HQ City
-
New York City, NY
Deal Date27 May 20257 Nov 2024
Valuationundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Modal Labs Competitors

Modal Labs competitors include listed companies like C3.ai and Presight AI, and private ones like Factory, Reflection.Ai, Lovable and Recursive Superintelligence.

Public and private companies comparable to Modal Labs
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
FactoryUnited StatesSan Francisco, CAPrivate--$5B-
Reflection.AiUnited StatesNew York City, NYPrivate--$8B-
C3.aiUnited StatesUnited StatesPublicly listed$250M($484M)$1.7B4.5x
LovableSwedenStockholmPrivate$500M-$13B26.6x
Recursive SuperintelligenceUnited KingdomLondonPrivate--$4.7B-
Presight AIUAEUAEPublicly listed$825M$214M$5.7B5.4x

Modal Labs Public Comps

Modal Labs is still privately-owned, but its public comps include Presight AI, Affle 3i, Ncino, Haizhi, Justsystems, C3.ai, Wenge AI, Progress Software, TRS Information Technology and GitLab.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Presight AI$825M$214M6.3x5.4x24.4x20.8x
Affle 3i$282M$67M7.4x6.7x31.3x29.5x
Ncino$595M$65M4.3x4.0x39.0x15.8x
Haizhi$93M($30M)21.5x16.3x(67.1x)(440.4x)
Justsystems$331M$156M3.1x3.2x6.7x-
C3.ai$250M($484M)4.3x4.5x(2.2x)(6.2x)
Wenge AI$60M($20M)27.6x-(82.7x)-
Progress Software$978M$302M3.0x2.9x9.6x7.3x

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Common questions about Modal Labs

When was Modal Labs founded?Modal Labs was founded in 2021.
Where is Modal Labs headquartered?Modal Labs is headquartered in Stockholm, Sweden.
Is Modal Labs publicly listed?No, Modal Labs is a private, VC-backed company.
What is Modal Labs' valuation?Modal Labs was last valued at $4.7B in its Series C in May 2026.
How much funding has Modal Labs raised?Modal Labs has raised $466M across 4 funding rounds.
What was Modal Labs' last funding round?Modal Labs' last funding round was a $355M Series C in May 2026, led by General Catalyst and Redpoint.
Who are Modal Labs' investors?Modal Labs' investors include Redpoint, Amplify Partners, General Catalyst, Menlo Ventures, Lux Capital, Leigh Marie Braswell, Bucky Moore, Karim Atiyeh, Bain Capital Ventures and Accel.
What is Modal Labs' revenue?Modal Labs' latest recorded revenue is $300M (May 2026).
What is Modal Labs' revenue multiple?Modal Labs' latest valuation implies a 15.5x revenue multiple ($4.7B valuation on $300M of revenue).
Which companies are comparable to Modal Labs?Companies comparable to Modal Labs include Factory, Reflection.Ai, C3.ai, Lovable, Recursive Superintelligence and Presight AI.
How many companies has Modal Labs acquired?Modal Labs has acquired 2 companies, including Twirl and Tidbyt.

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