Sept 23 (Reuters) – AI startup Modal Labs is in discussions to raise new financing at a roughly $15 billion valuation, Bloomberg News reported on Wednesday, citing people familiar with the matter. Modal raised $355 million in May at a valuation of $4.65 billion, Reuters had previously reported. The startup helps AI companies access the […]
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Modal Labs in talks to raise funds at $15 billion valuation, Bloomberg News reports
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Sept 23 (Reuters) – AI startup Modal Labs is in discussions to raise new financing at a roughly $15 billion valuation, Bloomberg News reported on Wednesday, citing people familiar with the matter.
Modal raised $355 million in May at a valuation of $4.65 billion, Reuters had previously reported.
The startup helps AI companies access the chips they need to run AI tools and has a sandbox product that allows developers to test their code, increasingly created through AI, before embedding it in their products.
Modal Labs did not immediately respond to a Reuters request for comment.
(Reporting by Fabiola Arámburo in Mexico City; Editing by Jonathan Ananda)