Modal Labs Raises $355M Series C at $4.65B Valuation — Revenue Past $300M ARR, Up 5x Since September

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Serverless AI infrastructure startup Modal Labs closed a $355M Series C led by Redpoint Ventures and General Catalyst, quadrupling its valuation from $1.1B to $4.65B in eight months. The company has grown fivefold since September and now exceeds $300M in annualized revenue, positioning itself as the default compute layer for AI workloads including inference, reinforcement learning, and batch processing. The round closed in two tranches — the first at $2.5B, the second at $4.65B — signaling oversubscription that forced a mid-round repricing.