Modal Labs in talks to raise funds at $15 billion valuation, Bloomberg News reports

AI ​startup Modal ​Labs is ‌in discussions to ​raise new financing at ‌a roughly $15 billion valuation, Bloomberg News reported on Wednesday, citing people familiar with ‌the matter. Modal raised $355 million ‌in May at a valuation of $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.