Overview
Nvidia Corp announced that it will supply its newly developed Vera central processor to Modal, a San‑Francisco‑based AI cloud‑computing startup that until now ran its workloads exclusively on Intel and AMD chips. Modal confirmed that it will begin using the Vera chip to host AI agents—software systems designed to perform extended tasks for users.
Modal Funding and Growth
Modal disclosed that it raised $750 million in a financing round led by venture‑capital firm Accel, which placed the company’s post‑money valuation at $15.75 billion. The startup projects $1 billion in sales over the next twelve months. In the most recent reporting period, Modal said that usage of its services had tripled and that revenue had grown more than fifteen‑fold year‑over‑year.
Performance of Nvidia’s Vera Chip
Early testing by Modal indicated that the Vera processor doubled the work capacity of its AI agents compared with the Intel and AMD processors previously used. As a result, Modal will integrate Nvidia’s chip into its platform while continuing to operate Intel and AMD processors, assigning each workload to the hardware that delivers the highest efficiency. Chief Executive Erik Bernhardsson stated that Modal will maintain its existing supplier relationships and will evaluate newer Intel and AMD models as they become available.
Nvidia Revenue Outlook and Customer Base
Nvidia projected that Vera chip sales will generate at least $20 billion in revenue during the current fiscal year, targeting a total addressable market it estimates at roughly $200 billion. The company previously announced that other leading AI‑focused firms—including OpenAI, Anthropic, Oracle and Perplexity—also intend to use the Vera processor.