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

AI startup Modal Labs is engaged in talks to raise new funds, according to Bloomberg News. The company is reportedly aiming for a valuation of approximately $15 billion, as sources familiar with the matter disclosed on Wednesday. Modal Labs had previously raised $355 million in May, achieving a valuation of $4.65 billion, as reported by Reuters earlier this year.

The startup provides AI companies with access to the necessary chips for running AI tools. Additionally, Modal Labs offers a sandbox product that enables developers to test their code before embedding it into their products. These tools are increasingly being developed using artificial intelligence. However, Modal Labs has not yet commented on the reported fundraising discussions.