Fal, a startup that hosts image, video, and audio AI models for developers, has announced that it raised a $140 million Series D led by Sequoia, with participation from Kleiner Perkins, Nvidia, and other existing investors. Its existing investors include Andreessen Horowitz, among others.
The round, which was Fal’s third fundraise this year, valued the company at $4.5 billion, about three times what the company was worth when it raised its $125 million Series C in July, Bloomberg reported.
TechCrunch reported in October that Fal raised a new round from investors, including Sequoia and Kleiner Perkins at a valuation of over $4 billion. We also reported at the time that the raise was around $250 million, according to our sources. This higher amount reflects the $140 million capital raised from the company and a secondary sale where existing investors sold shares, people familiar with the deal tell TechCrunch.
Fal provides the infrastructure layer for multimodal AI for customers, including Adobe, Shopify, Canva, and Quora. Founded in 2021 by Burkay Gur (a former Coinbase machine learning leader) and Gorkem Yurtseven (an ex-Amazon developer), the company has already surpassed $200 million in revenue as of October, Bloomberg reported.