Modal Labs valued at $4.65 billion as AI coding takes off
AI startup Modal raised $355 million in a new round of financing, valuing the company at $4.65 billion, CEO Erik Bernhardsson told Reuters.
AI startups have been whipped by two shifts this year: the surge in AI coding and the increasing scarcity of computing power. Modal Labs is confronting both.
The startup helps AI companies access the chips they need to run AI tools, called inference. It also has a sandbox product that allows developers to test their code, increasingly created through AI, before embedding it in their products.
