Modal Labs Raises $16M Series A and Launches Its Cloud Infrastructure Platform

Modal Labs has raised a $16 million Series A led by Redpoint Ventures, with existing investor Amplify Partners and new participants including Lux Capital and Definition Capital, bringing total funding to $23 million. The company also officially launched its cloud platform, previously in beta with early customers such as Ramp, Substack and SphinxBio, and will use the funds to accelerate product development and hire engineers at its New York City headquarters.