Modal Labs in talks to raise funds at $15 billion valuation, Bloomberg News reports

Read a summary of this article on FAST.
Get bite-sized news via a new
cards interface. Give it a try.
Click here to return to FAST Tap here to return to FAST
FAST

Sept 23 : 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. 

Newsletter

Week in Review

Subscribe to our Chief Editor’s Week in Review

Our chief editor shares analysis and picks of the week's biggest news every Saturday.

Sign up for our newsletters

Get our pick of top stories and thought-provoking articles in your inbox

Subscribe here

Get the CNA app

Stay updated with notifications for breaking news and our best stories

Download here

Get WhatsApp alerts

Join our channel for the top reads for the day on your preferred chat app

Join here