Originally published on AI Tech Connect.
What actually happened on 21 May 2026 Modal Labs, the New York-based serverless AI infrastructure company, announced a $355M Series C on 21 May 2026 at a post-money valuation of $4.65 billion. Redpoint Ventures and General Catalyst co-led, with Accel and Menlo Ventures participating. The round reportedly closed in two tranches — an earlier slice at roughly $2.5B, then the larger close at $4.65B — meaning the valuation has gone up about 4× in the eight months since Modal's September financing pegged it at $1.1B. That mark-up is striking on its own. What makes it material for builders is the revenue line underneath it. Modal disclosed annualised revenue of around $300M, up from $60M in September. That is roughly 5× growth in the same eight-month window. Even more telling: the company's…
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