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AI Startup Modal Labs Eyes $2.5B Valuation Amidst AI Turmoil

AI inference startup Modal Labs is reportedly in talks to raise a new funding round at a valuation of $2.5 billion, according to sources familiar with the deal. This potential valuation would more than double the company's previous $1.1 billion valuation announced less than five months ago, when it secured an $87 million Series B round. General Catalyst is reportedly in discussions to lead the round, though the terms could still change.

Meanwhile, OpenAI has disbanded its mission alignment team, which was responsible for communicating the company's mission to the public and its employees. The team's former leader has been appointed as the company's chief futurist. An OpenAI spokesperson stated that the team's purpose was "to help employees and the public understand our mission and the impact of AI." The news was first reported by Platformer.

In other AI-related news, Uber Eats launched a new AI feature called Cart Assistant, designed to simplify grocery shopping for its users. The beta version of the feature is now available in the app. Users can either enter a list or upload an image of a handwritten list or recipe, and Cart Assistant will automatically add the necessary items to their basket. Users can then customize the basket by swapping items or adding more products.

The evolving landscape of enterprise AI is also drawing attention. Glean, an AI work assistant, is aiming to connect to internal systems, manage permissions, and deliver intelligence wherever employees work. Glean's CEO, Arvind Jain, discussed how enterprises are thinking about AI architecture at Web Summit Qatar. Glean raised $150 million last year at a $7.2 billion valuation.

In the gaming industry, Wildlight Entertainment, the developer of the multiplayer shooter Highguard, reportedly laid off most of its staff just over two weeks after the game's launch. According to posts from affected staffers on LinkedIn, the company is parting ways with a number of its employees. Highguard was developed by individuals who previously worked on games like Apex Legends and Call of Duty.

AI-Assisted Journalism

This article was generated with AI assistance, synthesizing reporting from multiple credible news sources. Our editorial team reviews AI-generated content for accuracy.

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