Modal Labs nears $750 million funding round at $15.75 billion valuation

AI infrastructure provider Modal Labs is nearing a $750 million funding round led by Accel at a $15.75 billion valuation including the investment, TechCrunch reports, citing a person familiar with the talks. That would more than triple its $4.65 billion valuation from a $355 million raise announced four months ago. Modal provides computing services for running trained AI models and other demanding workloads without customers managing servers. The proposed financing would give it more capital to serve that market, where acquiring or leasing computing capacity keeps margins thin. Modal declined to comment, and the round has not closed.