Modal Labs in talks to raise funds at $15 billion valuation, Bloomberg News reports
FILE PHOTO: AI (Artificial Intelligence) letters and robot hand miniature in this illustration created on June 23, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
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.
Source: Reuters
