[AINews] Modal’s $1B ARR, $16B Series D makes it NYC’s newest AI Infra Decacorn, 3x usage and 3x valuation in 5 months, 15x in 1 yr

Modal reached $1 billion in annual recurring revenue and raised $16 billion in a Series D funding round, making it New York City's newest AI infrastructure decacorn with tripled usage and valuation in five months and a 15-fold increase in valuation over one year.