Capital this week clustered around two adjacent problems: how to deliver AI compute economically at scale, and how to keep the resulting software and agent activity governed. The lineup spans serverless inference platforms, real-time world models, modular AI data centers, software supply chain security, and enterprise agent orchestration, with valuations climbing into unicorn and decacorn territory across the stack. The five rounds below are ranked by deal size.
Modal Labs
Round: Series C | Sector: Cloud / AI Infrastructure
Modal Labs closed a $355 million Series C at a $4.65 billion valuation, with General Catalyst leading alongside existing backers. The New York company builds a serverless platform for AI inference and training that pitches itself against both the hyperscaler menu and the wave of focused inference clouds that emerged earlier this year. The valuation reflects how seriously investors are taking the thesis that serving AI workloads is a distinct category requiring its own runtime, scheduler, and pricing model, rather than something the general-purpose clouds will eventually solve by default.
Decart
Round: Growth | Sector: AI Infrastructure
Decart raised $300 million at a $4 billion valuation in a round led by Radical Ventures, with Nvidia joining as a new investor alongside Atreides, Sequoia, Benchmark, Adobe Ventures, and Toyota Ventures. The company is building DOS, an optimized inference and training stack designed to drive down the latency and cost of running real-time world models and agentic systems. With strategic partnerships now in place with Amazon and Nvidia, Decart is positioning itself as one of the few startups operating at the boundary of infrastructure software and frontier model research.
Armada
Round: Series B | Sector: Data Center Infrastructure
Armada raised an oversubscribed $230 million Series B at a $2 billion pre-money valuation to expand its modular AI data center manufacturing footprint, including a new 400,000-square-foot Galleon Forge One facility in Arizona. The pitch is to deliver ruggedized, megawatt-scale data centers as factory-built units, sidestepping the multi-year permitting and construction timelines that increasingly throttle conventional AI buildout. With Founders Fund, 8090 Industries, and Shield Capital among prior backers, Armada is now one of the better-funded answers to the question of how AI compute gets to where the power is.
Socket
Round: Series C | Sector: Application Security / DevSecOps
Socket closed a $60 million Series C at a $1 billion valuation, led by Thrive Capital with participation from Andreessen Horowitz, Abstract Ventures, and Capital One Ventures. The company’s bet is that AI-generated code, which already accounts for the majority of commits at leading engineering organizations, has widened the open-source supply chain attack surface beyond what legacy vulnerability scanners can cover. With customers including Anthropic, xAI, Replit, Cursor, and Vercel, Socket has become a default control point for enterprises trying to ship AI-assisted software without inheriting whatever lives in their transitive dependencies.
Dust
Round: Series B | Sector: Enterprise AI Agents
Dust raised $40 million in a Series B co-led by Abstract and Sequoia, with Snowflake Ventures and Datadog participating. The Paris- and San Francisco-based company builds a multiplayer enterprise agent platform that connects AI agents into shared, governed workspaces alongside the human teams they support. Strategic participation from Snowflake and Datadog underscores a pattern visible across the lineup this week: the data and observability incumbents are positioning themselves to define how enterprises will deploy, monitor, and ultimately pay for agentic AI at scale.
The Weekly Funding Pulse tracks the most significant IT infrastructure, cloud, semiconductor, networking, and ITSM funding rounds each week. Coverage is curated for enterprise IT professionals and decision-makers.
