Funding round
Modal Series A
Modal, which works in serverless AI infrastructure development in New York, raised $16M in a Series A round announced on 10 Oct 2023, led by Redpoint Ventures and Amplify Partners. 4 firms took part, 1 of them already investors. It is Modal's first venture round on record.
$16M
Amount raised
Not disclosed
Post-money valuation
4
Investors
2 leads
Valuation
What this round says about the price
Modal did not disclose a valuation in this round. It is Modal's first venture round on record, 2 years after it was founded in 2021. It is 3.5% of the $458M Modal has raised in the venture rounds on record. Modal raised again 23 months later: a Series B round of $87M in Sep 2025, at $1.10B post-money.
Modal's funding rounds
Modal has 3 venture rounds on record. This one is highlighted.
Investors
Who put money in
Redpoint Ventures and Amplify Partners led the round with 2 other firms. Amplify Partners had backed Modal before.
Lead investors
- Redpoint Ventures backs 194 venture-backed companies new investor
- Amplify Partners existing investor
Also in the round
- Lux Capital backs 194 venture-backed companies new investor
- Definition Capital new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, sales and marketing, scaling operations and working capital.
- Hiring
- Product development
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
1,451 Series A rounds in Tech Companies within a year either side disclosed an amount; the median was $11M, and this round was 1.5 times the median. The closest in time, other companies' Series A rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Tech Companies | 24 Oct 2023 | $55M | $300M | IMM Investment and Shinhan Venture Investment |
| Tech Companies | 5 Oct 2023 | $33M | not disclosed | Ribbit and Variant |
| Tech Companies | 4 Oct 2023 | $30M | not disclosed | Merak Capital |
| Tech Companies | 9 Oct 2023 | $26M | not disclosed | Crédit Mutuel Innovation |
| Tech Companies | 10 Oct 2023 | $25M | $100M | Menlo Ventures and TQ Ventures |
| Tech Companies | 26 Oct 2023 | $25M | not disclosed | Titanium Ventures |
| Tech Companies | 4 Oct 2023 | $24M | not disclosed | Andreessen Horowitz |
| Tech Companies | 11 Oct 2023 | $20M | not disclosed | Brevan Howard Digital and Point72 Ventures |
Sources
Where this comes from
Reported by 3 sources.
Questions
Frequently asked
How much did Modal raise in its Series A round?
Modal raised $16M in its Series A round, announced in Oct 2023.
Who led Modal's Series A round?
Redpoint Ventures and Amplify Partners led it, with Lux Capital and Definition Capital.
What was Modal's valuation at the Series A round?
It was not disclosed.
How does it compare with other Series A rounds in Tech Companies?
1,451 Series A rounds in Tech Companies within a year either side disclosed an amount; the median was $11M, and this round was 1.5 times the median.
Did Modal raise again after this round?
Yes: a Series B round in Sep 2025 of $87M at $1.10B post-money.