Funding round
Modal Series B
Modal, which works in serverless AI infrastructure development in New York, raised $87M in a Series B round announced on 29 Sep 2025, led by Lux Capital, at a $1.10B post-money valuation. 1 firm took part. It is Modal's second venture round on record; the one before was a Series A in Oct 2023.
$87M
Amount raised
$1.10B
Post-money valuation
$1.00B pre-money
1
Investors
1 lead
7.9%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Modal at $1.10B after the new money. The $87M bought investors about 7.9% of the company. It came 23 months after Modal's Series A. It is 19% of the $458M Modal has raised in the venture rounds on record. Modal raised again 8 months later: a Series C round of $355M in May 2026, at $4.65B post-money.
Modal's funding rounds
Modal has 3 venture rounds on record. This one is highlighted.
Investors
Who put money in
Lux Capital led the round.
Lead investor
- Lux Capital backs 194 venture-backed companies new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, geographic expansion, scaling operations and working capital.
- Product development
- Geographic expansion
- Scaling operations
- Working capital
Comparable rounds
How it compares
664 Series B rounds in Tech Companies within a year either side disclosed an amount; the median was $35M, and this round was 2.5 times the median. The closest in time, other companies' Series B rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Tech Companies | 23 Sep 2025 | $130M | $600M | Bessemer Venture Partners |
| Tech Companies | 25 Sep 2025 | $100M | not disclosed | Insight Partners |
| Tech Companies | 16 Sep 2025 | $100M | not disclosed | Nextalia Investment Management |
| Tech Companies | 3 Sep 2025 | $85M | $700M | Benchmark |
| Tech Companies | 30 Sep 2025 | $76M | not disclosed | Lightspeed Venture Partners |
| Tech Companies | 17 Sep 2025 | $70M | not disclosed | not named |
| Tech Companies | 16 Sep 2025 | $60M | $550M | Scale Venture Partners |
| Tech Companies | 16 Sep 2025 | $55M | not disclosed | Lightspeed Venture Partners |
Sources
Where this comes from
Reported by 5 sources.
Questions
Frequently asked
How much did Modal raise in its Series B round?
Modal raised $87M in its Series B round, announced in Sep 2025.
Who led Modal's Series B round?
Lux Capital led it.
What was Modal's valuation at the Series B round?
$1.10B post-money ($1.00B pre-money).
How does it compare with other Series B rounds in Tech Companies?
664 Series B rounds in Tech Companies within a year either side disclosed an amount; the median was $35M, and this round was 2.5 times the median.
Did Modal raise again after this round?
Yes: a Series C round in May 2026 of $355M at $4.65B post-money.