Modal has secured 750 million dollars in a Series D round led by Accel, with Kleiner Perkins and existing investors including Menlo Ventures, General Catalyst and Redpoint taking part, at a post money valuation of 15.75 billion dollars. The raise comes five months after a 355 million dollar Series C at a 4.65 billion dollar valuation, and the company said usage has tripled since then and it has passed 1 billion dollars in annualised run rate. Modal sells serverless access to pooled GPU capacity across partner data centres rather than owning facilities itself.
AI cloud Modal raises 750 million dollars in Series D
Modal, a serverless AI cloud platform, has raised 750 million dollars in a Series D round at a 15.75 billion dollar post money valuation, led by Accel.
Why it matters: The round, five months after a 355 million dollar Series C, shows venture capital still paying sharply higher prices for AI compute platforms that report fast usage growth.
Data as of Friday, October 16, 2026, 07:40 ET. Single sourced to DatacenterDynamics reporting of Modal's own announcement, read in full, hence grade C.
Sources
- AI cloud Modal raises $750m in Series D funding round · DatacenterDynamics · 2026-10-16