Total amount raised
$23 Million
Latest funding date
10/1/2023
Location
Modal Labs has successfully raised funding through 4 rounds, with backing from 37 investors, including notable names like Redpoint and Lux Capital. The company specializes in developing machine learning software to help run code in the cloud, focusing on AI infrastructure, cloud data services, and web development.
Modal Labs offers a high-performance AI infrastructure featuring sub-second cold starts, instant autoscaling, and a developer experience that feels local. Keep reading to explore the intricacies of Modal Labs' fundraising journey and the investors backing this innovative platform.
What Is Modal Labs?
Modal Labs, based in New York, specializes in AI infrastructure, cloud data services, and web development. The company, which has an employee count of 11-50, focuses on developing machine learning software to help run code in the cloud.
Founded by Anton Osika, Modal Labs offers high-performance AI infrastructure with features like sub-second cold starts and instant autoscaling. The company is currently in the Series B funding stage and has raised capital through four rounds, backed by 37 investors, including Redpoint and Lux Capital.
How Much Funding Has Modal Labs Raised?
- Seed Round
- Amount Raised: USD 7,000,000
- Date: January 2022
- Lead Investors: Amplify Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial AI infrastructure and cloud data services platform.
- Series A Round
- Amount Raised: USD 16,495,842
- Date: October 2023
- Lead Investors: Redpoint
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the company's capabilities, grow revenue, and launch features targeting the enterprise market.
- Series B Round
- Amount Raised: USD 87,000,000
- Date: September 2025
- Lead Investors: Lux Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance the AI infrastructure to meet growing market demands.
Total Amount Raised: USD 110,495,842. Current Valuation: Not publicly disclosed.
Key Investors
- Lux Capital
- Details: Lux Capital is a venture capital firm that invests in emerging science and technology ventures.
- Investment Focus Areas: Biotechnology, Energy, Healthcare
- Notable Investments: Auris Health, Kallyope, Shapeways
- Redpoint
- Details: Redpoint Ventures is a venture capital firm focused on investing in seed, early, and growth-stage companies.
- Investment Focus Areas: Consumer, Enterprise, Digital media
- Notable Investments: Netflix, Stripe, Twilio
- Amplify Partners
- Details: Amplify Partners is a venture capital firm that invests in early-stage technology companies.
- Investment Focus Areas: Infrastructure, Data, Security
- Notable Investments: Datadog, Fastly, Gremlin
What's Next for Modal Labs?
Modal Labs stands at the cusp of significant growth, driven by the booming cloud infrastructure market, particularly in AI, ML, and data analytics. With the market for cloud infrastructure spending projected to reach nearly $1 trillion annually by 2025, the opportunities for Modal Labs are vast. The company aims to capitalize on this by expanding its platform to serve a wide range of applications, from generative AI to computational biotech.
Future fundraising appears promising, given the current excitement around AI and the company's successful Series A round. As Modal Labs continues to grow and meet its milestones, it is well-positioned to attract further investment. However, challenges such as potential economic slowdowns and a cooling fundraising market could pose hurdles. Despite these challenges, the growing demand for cloud and AI solutions may help mitigate these risks, paving the way for continued success.
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