About Modular
Modular is an AI infrastructure platform ensuring GPU portability for high-performance workloads. Headquartered in San Francisco, it provides serverless inference, fine-tuning services, and training clusters compatible with NVIDIA H100 and AMD MI300 GPUs, powering deployments for enterprises like Hugging Face users.
Founded
2022
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Subscription
Valuation
$1.6B (Sep 2025)
Modular Acquisition
Modular was acquired by Qualcomm for $3.9B on 23 June 2026.
Before the acquisition Modular had raised $380M across 3 funding rounds.
Qualcomm acquired AI software infrastructure startup Modular in an all-stock transaction valued at $3.92 billion (approximately $4 billion), issuing up to 19.2 million shares of its common stock to Modular's equity owners. The deal, announced June 24, 2026, is expected to close in the second half of 2026 following regulatory approvals. This acquisition aims to enhance the efficiency and affordability of artificial intelligence solutions for Qualcomm's clientele, supporting its strategic push into data centers and bolstering its software stack amid rising AI token costs. Modular is an AI software infrastructure company building a unified compute platform that enables developers to write once and run anywhere, simplifying AI development and deployment across diverse hardware from data centers to edge devices. The startup previously raised $250 million at a $1.6 billion valuation nine months prior to this acquisition. Qualcomm did not disclose Modular's financial specifics including revenue or EBITDA in the public announcement.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 23 Jun 2026 | Strategic M&A | $3.9B |
Modular Valuation
Modular is currently valued at $1.6B, based on its Series C in September 2025.
The $250M round was led by US Innovative Technology Fund, with participation from General Catalyst, GV, DFJ Growth and Greylock.
Modular's valuation has grown 11x from $149M at its seed round in June 2022 to $1.6B in September 2025, across 3 priced rounds.
Modular valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Sep 2025 | Series C | $1.6B |
| Aug 2023 | Series B | $600M |
| Jun 2022 | Seed | $149M |
Modular Funding History
Modular has raised a total of $380M across 3 funding rounds.
Modular's first fundraising round was a $30M seed round in June 2022. The most recent completed round was a $250M Series C in September 2025.
Modular funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2025 | Series C | US Innovative Technology Fund (lead); General Catalyst; GV; DFJ Growth; Greylock | $250M | $1.6B | Modular is an AI infrastructure startup founded in 2022 by veteran engineers from Apple and Google. The company develops a unified AI compute platform designed to enable developers to run AI applications across different hardware architectures—including chips from Nvidia, AMD, Oracle, and Amazon—without rewriting code. This positions Modular as a hardware-agnostic software layer competing against Nvidia's proprietary CUDA ecosystem, which dominates over 80% of the high-end AI chip market and locks over 4 million developers into its ecosystem. In September 2025, Modular raised $250 million in Series C funding at a $1.6 billion post-money valuation, nearly tripling its valuation from two years prior. The round was led by Thomas Tull's US Innovative Technology Fund with participation from DFJ Growth, GV (Google Ventures), General Catalyst, and Greylock Ventures. This brings the company's total capital raised to $380 million across three financing rounds since its 2022 founding. The investment reflects strong market confidence in Modular's vision to create a level playing field for AI hardware competition. The company has grown to approximately 130 employees and is headquartered in the San Francisco Bay Area. Modular's platform currently serves enterprise customers including major cloud providers such as Oracle and Amazon, as well as chipmakers Nvidia and AMD. The company positions itself as a neutral "Switzerland" software layer, comparing itself strategically to VMware for the AI era. CEO Chris Lattner stated the company's focus is "enabling a level playing field so that other people can compete" rather than defeating Nvidia. Modular plans to deploy the new capital to expand its engineering and go-to-market teams, scale its cloud platform, and extend support for cloud and edge hardware. The company is also broadening its focus beyond its current strength in AI inference into the AI training market. Recent technical achievements include performance gains of 20% to 50% compared with leading frameworks such as vLLM and SGLang on next-generation accelerators, including Nvidia's B200 and AMD's MI355. |
| Aug 2023 | Series B | General Catalyst (lead); Diego Oppenheimer; SV Angel; GV; Greylock | $100M | $600M | Modular is a B2B infrastructure software company developing the MAX engine, a compiler that optimizes AI model inferencing on CPUs and GPUs, delivering up to 7.5 times faster performance compared to native frameworks while reducing costs. It supports major machine learning frameworks like TensorFlow and PyTorch, enables hardware neutrality across NVIDIA, AMD, and Intel, and avoids vendor lock-in for customers. The company operates a consumption-based revenue model, charging for compute resources and inference requests, supplemented by revenue-sharing with cloud partners. In August 2023, Modular raised a $100 million Series B round led by General Catalyst, with participation from investors including Factory, Greylock, GV, and SV Angel, at approximately a $600 million post-money valuation. This followed a $30 million seed round in June 2022, bringing total funding to $130 million at that time. Proceeds were allocated to product expansion, hardware support, team growth, and scaling to meet customer demand rather than AI compute spending. Modular had strong early traction with a community of over 120,000 developers shortly after its product keynote and leading tech companies in closed preview, plus a 30,000-person waitlist. Its hardware-agnostic approach positions it uniquely in the AI infrastructure market, addressing compute scarcity and skyrocketing costs by enabling more efficient, sustainable AI deployment for enterprises. Subsequently, Modular raised a $250 million Series C in September 2025 at a $1.6 billion post-money valuation, led by the U.S. Innovative Technology Fund with participation from DFJ Growth, GV, General Catalyst, and Greylock, increasing total primary equity funding to $380 million. |
| Jun 2022 | Seed | GV (lead); Diego Oppenheimer; SV Angel; Greylock | $30M | $149M | Modular, founded in 2022 by former Apple and Google engineers including CEO Chris Lattner, develops a platform-agnostic AI system development platform called MAX, designed to simplify AI deployment across diverse chips and hardware without code rewrites, addressing fragmented toolchains in research, production, training, and deployment. The company positions itself as a unified compute layer or hypervisor for AI, enabling apps to run on server and edge environments while optimizing for AI workloads like inference and training. On June 30, 2022, Modular closed a $29.72 million Series A funding round (referred to as seed in some sources) led by GV, with participation from Factory, Greylock Ventures, and SV Angel, at a post-money valuation of $148.62 million and a price per share of $1.06. This early financing supported team expansion from 25 people and platform readiness for launch amid growing MLOps market demand projected to reach $4 billion by 2025. Modular operates a B2B infrastructure software model with consumption-based pricing tied to compute resources and inference requests, plus revenue-sharing with cloud partners for scalable distribution. It targets expansion from AI inference ($12-15 billion market) into training ($20+ billion by 2027), working with major tech firms to optimize costs across GPU types. Subsequent rounds included a $97.91 million Series B in August 2023 at ~$586 million valuation with the same core investors, followed by a $250 million Series C in September 2025 led by US Innovative Technology at $1.6 billion valuation, bringing total funding to $380 million. |
Who has invested in Modular?
7 investors have backed Modular across its funding rounds, including GV, Greylock, General Catalyst, SV Angel, Diego Oppenheimer and DFJ Growth.
Lead investors include US Innovative Technology Fund, General Catalyst and GV.
Modular Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Lead | Jun 2022 | ||
| 3 | Participant | Jun 2022 | ||
| 2 | Participant | Jun 2022 | ||
| 2 | Lead | Aug 2023 | ||
| 2 | Participant | Jun 2022 | ||
This data is available for Pro users. Sign up to see all 7 Modular investors. Start Free Trial | ||||
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Start Free TrialModular Competitors
Modular competitors include listed companies like C3.ai and Presight AI, and private ones like Fal, Recursive Superintelligence, Ineffable Intelligence and Legora.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $250M | ($484M) | $1.7B | 4.5x | ||
| Private | $200M | - | $4.5B | 22.5x | ||
| Private | - | - | $4.7B | - | ||
| Private | - | - | $5.1B | - | ||
| Private | $100M | - | $5.6B | 56.0x | ||
| Publicly listed | $825M | $214M | $5.7B | 5.4x |
Modular Public Comps
Modular is no longer listed, but its public comps include Fastly, Tenable, XtalPi, CorVel, Digital China, Sinch, Fermi, Infleqtion, Shenzhen Intellifusion and Box.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $624M | ($41M) | 6.4x | 5.6x | (97.1x) | 33.1x | |||
| $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 | - | |||
| $21B | $206M | 0.3x | 0.3x | 28.1x | - | |||
| $2.8B | $313M | 1.5x | 1.4x | 13.2x | 11.1x | |||
| - | ($490M) | - | 281.8x | (7.5x) | (63.2x) | |||
| $29M | ($52M) | 92.3x | 64.5x | (50.9x) | (60.0x) | |||
This data is available for Pro users. Sign up to see all Modular competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Modular
| When was Modular founded? | Modular was founded in 2022. |
| Where is Modular headquartered? | Modular is headquartered in San Francisco, CA, United States. |
| Is Modular publicly listed? | No, Modular was acquired by Qualcomm in June 2026. |
| Who acquired Modular? | Modular was acquired by Qualcomm in June 2026. |
| How much was Modular acquired for? | Modular was acquired for $3.9B in June 2026. |
| What is Modular's valuation? | Modular was last valued at $1.6B in its Series C in September 2025. |
| How much funding has Modular raised? | Modular has raised $380M across 3 funding rounds. |
| What was Modular's last funding round? | Modular's last funding round was a $250M Series C in September 2025, led by US Innovative Technology Fund. |
| Who are Modular's investors? | Modular's investors include GV, Greylock, Diego Oppenheimer, General Catalyst, SV Angel, US Innovative Technology Fund and DFJ Growth. |
| Which companies are comparable to Modular? | Companies comparable to Modular include C3.ai, Fal, Recursive Superintelligence, Ineffable Intelligence, Legora and Presight AI. |
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