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

Sept 23 : 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.