Modal Raises $87M Series B at $1.1B Valuation — Cloud AI Compute Platform Hits Unicorn

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Modal, the developer-focused cloud compute platform for AI workloads, secured an $87 million Series B led by Lux Capital, pushing its valuation to $1.1 billion. Modal provides serverless infrastructure for running AI models, data pipelines, and batch jobs. Alongside Exa's round, this marks multiple AI infrastructure companies reaching unicorn status in the same week.