[AINews] Modal’s $1B ARR, $16B Series D makes it NYC’s newest AI Infra Decacorn, 3x usage and 3x valuation in 5 months, 15x in 1 yr

Modal has reached $1 billion in annual recurring revenue and raised $750 million in a Series D funding round at a $15.75 billion valuation. Its usage has tripled since its last funding round, with a 15-fold growth year-over-year, driven by its sandbox infrastructure product supporting millions of concurrent users.