Modal said it crossed $1 billion in annualized run rate and raised a $750 million Series D led by Accel at a $15.75 billion post-money valuation, according to a post from founder and CEO Erik Bernhardsson on the company's blog.
The valuation is more than triple the $4.65 billion Modal was worth five months ago at its Series C, the company said. Usage has tripled and revenue has grown more than 15 times year-over-year since that round, according to Modal.
Kleiner Perkins, Menlo Ventures, General Catalyst, Redpoint, Lux Capital, Amplify Partners and Bain Capital Ventures also joined the round, Modal said. The company has spun up close to 3 billion sandboxes, isolated compute environments that can scale to 1 million running concurrently.
Modal's Sandboxes product, which lets developers run untrusted or AI-generated code in isolated environments, now generates $300 million of that run rate on its own, less than three years after launch, the company said. AI Weekly independently reported the same valuation, investor list and run-rate figures.
Modal's growth is coming largely from AI labs and startups running inference and agent workloads that need compute spun up instantly and torn down safely. A $300 million product built specifically for running code agents in isolation is a concrete signal of where infrastructure spending goes as more software runs autonomously.