Modal Raises $750M as Workday and Proofpoint Sign Cyber Deals

Modal has raised $750 million, according to Axios, headlining a deal cycle that also saw Workday and Proofpoint move on cybersecurity acquisitions.

The $750 million round is the largest single number in the batch. That kind of money puts Modal in rare company — rounds of that size typically signal a late-stage company backing expansion, not an early startup finding its feet.

Axios reported the three transactions together, framing them as one sweep of corporate activity across funding and M&A in the enterprise technology sector.

What does the $750M mean for Modal?

For practitioners watching the talent and skills-training market, the number is the story. A $750 million raise gives a company deep runway — enough to fund years of growth without returning to investors.

Modal hasn't disclosed a valuation in the Axios report, so treat the round size as the confirmed fact. What it changes for competitors is simple: any rival raising in the double-digit millions now shares a market with a player holding an order of magnitude more cash.

What are Workday and Proofpoint buying?

Axios confirmed both deals but the outlet's digest format carries headline-level detail: two established enterprise software names, both making cybersecurity acquisitions in the same window.

The pattern matters more than the specifics. Workday — the HR and finance software giant — and Proofpoint — the email and cloud security vendor — are putting capital into cyber capability at the same moment. When two buyers from different corners of enterprise software converge on the same category, that's a demand signal.

For vendors selling security tooling, it means two more well-funded acquirers are actively in the market. For CISOs and procurement teams, it means the products you're buying today may change owners — and roadmaps — tomorrow.

Why cluster these deals together?

Axios bundles funding rounds and acquisitions in its deal-tracking format, and the bundle itself carries information. A $750 million raise landing alongside two cybersecurity acquisitions suggests capital is flowing on two tracks at once: investor money into growth-stage companies, and corporate money into security capabilities.

That dual flow tends to reinforce itself. Big rounds raise valuations across a category; acquirers then pay up to buy rather than build before prices climb further.

Watch for follow-on detail on valuation and deal terms from Modal, Workday and Proofpoint in coming filings and announcements. The confirmed facts today: Modal, $750 million raised; Workday and Proofpoint, cybersecurity acquisitions, both per Axios.