Modal Labs Leads Week's Funding With $750M AI Infrastructure Round
A pair of massive funding announcements dominated venture activity this week, with AI infrastructure and construction technology drawing the largest checks from investors.
Venture capital deployment remained steady this week, though the number of mega-rounds dipped compared to recent weeks. Two startups crossed the $200 million threshold in announced financings, with the remainder of the top ten ranging between $60 million and $135 million.
The week's largest deal went to Modal Labs, an AI infrastructure company based in New York that provides cloud computing resources for inference and related workloads. The company closed a Series D round at a $15.75 billion valuation, led by Accel, and disclosed that it has recently surpassed $1 billion in annual revenue run rate.
Construction automation drew the second-largest check. Austin-based Icon, which builds robotic systems for 3D-printed housing, secured $200 million in Series D funding from Baillie Gifford and BlackRock. The company projects it will achieve 4x revenue growth during 2026.
Beyond these two leaders, the week's funding activity spread across biotech, healthcare AI, insurance and semiconductor infrastructure.
The Week's Top 10 Rounds
- Modal Labs, $750M, AI infrastructure — Cloud infrastructure provider for AI inference and applications, Series D led by Accel at $15.75 billion valuation
- Icon, $200M, construction tech — Robotic construction systems developer, Series D led by Baillie Gifford and BlackRock
- Soufflé Therapeutics, $135M, RNA therapies — Boston-based RNA therapy developer, Series B led by Juvia Group
- Estuary Biotherapeutics, $103M, gene therapies — Menlo Park genetic medicine developer for kidney disease, Series A led by RA Capital Management plus $10 million seed
- Labelbox, $100M, AI tools — San Francisco AI model training and evaluation platform, Series E led by Infinitum Partners
- Suki, $90M, health AI — Redwood City clinical AI documentation tool, Series E from Healthier Capital and Crosslink Capital
- Abby Care, $82M, caregiver platform — San Francisco home care staffing platform, Series C led by Transformation Capital
- Stand, $70M, insurance — San Francisco disaster insurance provider, Series C led by Saga Ventures at $1 billion valuation
- Mueon, $65M, semiconductor systems — Portland modular AI computing platform, Series A led by Maverick Silicon
- North.cloud, $60M, AI spend management — New York infrastructure cost intelligence platform, Series B led by PeakSpan Capital
Methodology
This ranking tracks the largest announced funding rounds in the Crunchbase database for U.S.-based companies during the week of October 10-16, 2026. While most announced rounds appear in the database, reporting delays may cause some rounds to be captured in subsequent weeks.
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