Press release: Modal Labs announces Series A financing round

Modal Labs announced a $16 million Series A led by Redpoint Ventures, with participation from existing investor Amplify Partners, Lux Capital, Definition Capital, and others, bringing its total funding to $23 million. The company also formally launched its cloud infrastructure platform after a beta period with customers including Ramp, Substack, and SphinxBio. Modal aims to simplify complex, compute-intensive cloud workloads for data and engineering teams by enabling them to run code without managing infrastructure, serving applications in generative AI, biotechnology, and 3D rendering. The funding will support product development, enterprise expansion across sectors such as pharmaceuticals and financial services, and engineering hiring at its New York City headquarters. Customers cited Modal’s ability to scale GPU-based processing and batch jobs while reducing infrastructure-management work, and the platform uses a pay-for-compute pricing model.

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