Modal raises 750 million dollars as sandboxes for AI code become big business
Five months after its last round, the company says its run-rate revenue has passed one billion dollars. A big slice comes from boxes that keep AI agents' code contained.
By The desk, News · · 1 min read
Tags: modal · funding · agents · infrastructure
- The news
- Five months after its last round, the company says its run-rate revenue has passed one billion dollars.
- Why it matters
- A big slice comes from boxes that keep AI agents' code contained.
- What's confirmed
- The photograph is generated for this story.
Tied to a named source. Not marked verified. Modal blog
The news
Modal announced a 750 million dollar Series D led by Accel at a 15.75 billion dollar post-money valuation, more than triple the 4.65 billion dollar valuation of its May Series C. The company says annualised run-rate revenue has crossed one billion dollars and usage has tripled since that round.
Why it matters
Running code written by AI agents safely has turned into a billion-dollar category in under two years. That is the picks-and-shovels layer under every coding agent.
The details
Modal says its Sandboxes product, isolated runtimes for code generated by language models, is on its own a business of about 300 million dollars a year in run-rate revenue. Kleiner Perkins joined the round, and existing investors including Menlo Ventures, General Catalyst and Redpoint took part.
The raise landed the same week Perplexity open-sourced its own agent sandbox, a sign that this layer will be fought over on price.
What we could not check
- Revenue and usage figures are reported by Modal and not audited.
- We could not confirm how Modal defines run-rate revenue.
Sources
The photograph is generated for this story. It does not show the people named in it.