Modal Learning, a premier platform for data and analytics skill development, has announced a $25 million Series A funding round, backed by Left Lane Capital, Ensemble VC, Signalfire, and Learn Capital, in response to the rising demand for AI proficiency in the workforce.
Modal, founded by ed-tech veterans Darren Shimkus and Dennis Yang, is setting a new standard in employee upskilling with its unique focus on personalized technical and AI training.
The platform's success is evidenced by a remarkable 75% graduation rate, reflecting the high demand for AI skills across various industries.
With backgrounds in guiding Udemy to an IPO, Shimkus and Yang bring unparalleled expertise to Modal's mission of facilitating reliable skills advancement for employees.
The funding round, spearheaded by Left Lane Capital and Ensemble VC, with contributions from Signalfire and Learn Capital, shows the market's confidence in Modal's approach and product.
Notably, Modal distinguishes itself by eschewing traditional subscription models for a success-based pricing strategy.
Such innovative model charges companies only when employees successfully complete courses, demonstrating mastery through a comprehensive capstone project.
"Organizations have historically squandered funds on wide-reaching subscription models with minimal completion rates. Our model aligns with our commitment to tangible results, charging only for actual skill acquisition," commented Darren Shimkus, CEO of Modal.
"Our objective is to effect real skill development, not profit from unutilized services."
Additionally, Modal's momentum is evident in its rapid customer base growth, now serving over 100 large enterprises, including notable names like Dentaquest and Casey's.
The platform's focus areas, particularly generative AI training, are driving unprecedented engagement levels, with learner engagement 15 times higher than the industry average and course completion rates exceeding 80% for practical projects.
"Modal's customized training programs have significantly elevated our analytical capabilities, seamlessly integrating new skills with our business objectives," stated Brett Ellerbroek, head of Casey's Analytics Center of Excellence.
"The impact on our organization has been transformative, enabling immediate and effective application of new analytical techniques."
Conclusion
With this substantial Series A investment, Modal is aimed to redefine how enterprises approach skill development in the AI and data analytics domains.
By prioritizing effective learning outcomes over mere participation, Modal is not only advancing the proficiency of individual employees but also driving the broader strategic goals of their partner organizations.
