Modal crosses $1B annualized run rate and raises $750M Series D at $15.75B valuation

Modal crossed $1B in annualized run rate and raised a $750M Series D led by Accel at a $15.75B post-money valuation, with all existing investors participating. The company says usage has tripled since its Series C five months ago and grown more than 15x year-over-year, and that its Sandboxes product alone is at a $300M run rate with close to 3 billion sandboxes spun up. Modal also describes rebuilding its own file system, container runtime, scheduler and networking on a capacity pool spanning 20+ clouds, and points to recent launches in multi-node training, Modal servers and generally available VMs for Sandboxes.