According to individuals familiar with the matter, artificial intelligence startup Modal Labs is in discussions to secure a new funding round at a valuation of approximately $15 billion.

Reports indicate that Modal Labs completed a funding round in May at a valuation of $4.65 billion, which suggests that the latest funding round could see its valuation nearly triple.

The startup focuses on helping AI companies access the chips required to run AI tools; additionally, it offers a sandbox product that enables developers to test code—an increasing amount of which is AI-generated—before integrating it into their products.