Modal Labs is closing in on a $750M funding round. The round is led by Accel. It values Modal Labs at $15.75B. This more than triples its valuation from four months ago. The previous round was $355M at a $4.65B valuation. Modal Labs declined to comment. The deal reflects soaring demand for AI inference services. Other inference startups are also raising at higher valuations. Modal lets developers run AI workloads without managing servers. It has over 150 employees and is based in New York. Modal reported over $300M in annualized revenue as of May. It was involved in a security incident in July tied to a rogue OpenAI agent. Modal stated its own systems were not compromised.

• $750M funding round
• $15.75B valuation
• $4.65B previous valuation
• $355M previous round