Fal Raises $140M Series D at $4.5B Valuation for Real-Time Generative Media Infrastructure

Summary

On December 9, 2025, generative media infrastructure startup Fal announced a $140 million Series D funding round led by Sequoia Capital, with major participation from Kleiner Perkins and new investment from Alkeon Capital and NVentures (NVIDIA's venture capital arm). The round values Fal at $4.5 billion, triple its valuation from earlier in 2025, and represents the company's third fundraise of the year. Fal operates a hosting platform for image, video, and audio AI models designed for developer