AI startup Modular has raised $250 million in a funding round valuing the company at $1.6 billion, nearly tripling its valuation from two years ago. Founded in 2022 by former Apple and Google engineers, Modular’s platform allows developers to run AI applications across multiple chipsets without rewriting code for each one.
Its technology serves cloud providers such as Oracle and Amazon, as well as chipmakers Nvidia and AMD. Modular describes its approach as a “Switzerland” strategy, aiming to create a neutral software layer. CEO Chris Lattner said, “What we're focused on is not like pushing down Nvidia or crushing them. It's more about enabling a level playing field so that other people can compete.”
Modular plans to sell its software directly to enterprises on a consumption basis and through revenue-sharing partnerships with cloud providers. Sam Fort, Partner at DFJ Growth, compared the startup to “VMware for the AI era,” explaining that Modular aims to create an AI hypervisor that allows workloads to run across different vendors. With about 130 employees, the company will use the new funding to expand its engineering and go-to-market teams and broaden its focus from AI inference into the AI training market.
