Modal raises $355M Series C at a $4.65B valuation

Modal raised $355 million at a $4.65B post-money valuation in a round led by General Catalyst and Redpoint, with Menlo, Bain Capital Ventures and Accel joining as new investors. The company says it has grown fivefold since September and surpassed $300 million in annualized revenue, with more than 1 billion sandboxes launched on the platform and sandboxes now driving over a third of revenue. Modal plans to expand low-latency inference, close the training and inference loop for reinforcement learning, and add granular RBAC so customers can give agents capabilities without risk.