AI infrastructure firm Modular has secured $250m in a Sequence C funding spherical, bringing its whole raised capital to $380m since its inception in 2022.
The newest funding is led by Thomas Tull’s US Revolutionary Expertise Fund (USIT). The funding spherical additionally noticed participation from DFJ Progress together with present backers GV (Google Ventures), Basic Catalyst, and Greylock Ventures.
Modular’s valuation has now risen to $1.6bn, practically tripling the corporate’s value in comparison with its earlier funding spherical.
The brand new funding will likely be directed in direction of scaling the Modular platform for broader use within the cloud and on edge units, aiming to enhance throughput, latency, value effectivity and accuracy for a spread of AI workloads.
The corporate is at the moment recruiting throughout a number of roles in North America and Europe.
Based within the San Francisco Bay Space, Modular is creating what it describes as a unified compute layer for AI.
The corporate has developed an enterprise-grade AI inference stack geared toward consolidating disparate {hardware} and software program environments right into a single platform.
In accordance with Modular, its platform replaces vendor-specific runtimes akin to CUDA and ROCm, that are usually tied to particular person {hardware} suppliers, with a common low-level layer.
Tull stated: “Strategic AI implementation is an important aggressive think about at this time’s economic system, and as the private and non-private sectors ramp up their efforts to stay aggressive, the demand for compute energy to deal with these heavy workloads is larger than ever.
“Modular is foundational on this new period of numerous AI infrastructure, offering a unified AI compute layer that maximises effectivity, resilience, and price discount – and their platform is already in excessive demand from enterprises, clouds and builders.”
Since launching its platform in 2023, Modular has reported speedy adoption charges, claiming tens of hundreds of month-to-month downloads, and a 75% month-on-month progress fee.
The corporate said that it has launched greater than 600,000 strains of open-source code and achieved widespread developer engagement, with over 24,000 GitHub stars and energetic customers in additional than 100 nations.
Modular’s expertise reportedly powers manufacturing workloads serving trillions of tokens every day and is utilized by lots of of hundreds of builders.
The corporate indicated that its software program helps each cloud and edge {hardware} platforms, together with compatibility with central processing items (CPUs), graphics processing items (GPUs) from varied distributors akin to Nvidia, AMD, and Apple, in addition to rising application-specific built-in circuits (ASICs).
With the discharge of model 25.6, Modular claims efficiency enhancements starting from 20% to 50% in comparison with different AI inference frameworks on next-generation {hardware}.
Modular CEO Chris Lattner stated: “After we based Modular, we believed that the world wanted a unified platform for AI, and at this time, that imaginative and prescient is extra essential than ever.
“This funding will allow us to understand that imaginative and prescient for builders, enterprises and {hardware} firms world wide.”
Modular’s organisational footprint consists of greater than 130 workers throughout North America, the UK, and Europe.
Its shopper and accomplice ecosystem spans enterprises akin to Inworld and SF Compute, analysis groups akin to Jane Avenue, cloud service suppliers together with Oracle, Amazon Net Companies, Lambda Labs, and Tensorwave, and {hardware} producers akin to AMD and Nvidia.
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