AI startup Modal Labs in talks for funding at US$15 billion valuation

Modal Labs is reportedly in discussions to raise new financing at a valuation of roughly US$15 billion, according to Bloomberg News. The AI startup, which helps companies access chips for AI tools, previously raised US$355 million in May at a US$4.65 billion valuation.

AI startup Modal Labs is in discussions to raise new financing at a roughly US$15 billion valuation, Bloomberg News reported on Wednesday, citing people familiar with the matter.

Modal raised US$355 million in May at a valuation of US$4.65 billion, Reuters had previously reported.

The startup helps AI companies access the chips they need to run AI tools and has a sandbox product that allows developers to test their code, increasingly created through AI, before embedding it in their products.

Modal Labs did not immediately respond to a Reuters request for comment.