The New York Stock Exchange (NYSE) named Modal CEO Erik Bernhardsson as a guest for NYSE Live in an Oct. 27 update that recapped the company’s $750 million financing at a $15.75 billion valuation.
The premarket notice appeared at 8:55 a.m. ET. Modal announced the Series D on Oct. 14, with Accel leading and Kleiner Perkins joining; existing backers Menlo Ventures, General Catalyst, Redpoint, Lux Capital, Amplify Partners and Bain Capital Ventures also participated, the company said.
Modal reported that its annualized run rate had recently moved above $1 billion. The company said usage stood at three times its Series C level and that it had grown to more than 15 times its year-earlier level. It did not explain the run-rate calculation, so the figure is a company-reported annualized measure, not a disclosed total of revenue earned during a completed year.
Modal’s May 21 Series C raised $355 million at a $4.65 billion post-money valuation, according to the company. Comparing its reported post-money figures, the Series D valuation is about 3.4 times its Series C valuation.
Modal’s May Series C announcement also reported annualized revenue above $300 million. Its October announcement described Sandboxes as a $300 million run-rate product, without explaining whether the two measures use the same calculation.
Modal builds infrastructure for AI workloads. The company says it developed its own file system, container runtime, scheduler and networking, drawing capacity from more than 20 clouds. Bernhardsson cited scarce GPU supply and large models that take time to load as challenges for AI developers. Modal said the new capital would support further platform development but did not outline spending allocations.
Bernhardsson compared AI infrastructure changes with the earlier shift to cloud computing, when developers built tools such as Docker, Kubernetes and Terraform. EconoTimes has also covered Modal’s plans for Nvidia Vera CPUs in AI sandboxes. The NYSE advisory did not give a date or time for Bernhardsson’s appearance.
