fal raises $1.65B across two rounds at a $16B valuation

fal, the San Francisco company that runs video, image and audio models for developers, said on November 3, 2026 that it closed a Series E and a Series F for a combined $1.65 billion, and that the Series F alone values it at $16 billion.

The dollar figures come from Bloomberg, whose report both TechCrunch and SiliconANGLE carried. The Series F is $1.3 billion, led by Bessemer Venture Partners, and it values fal at $16 billion, double the $8 billion the company carried in April. That April round, the Series E, was $350 million led by Sequoia Capital, a figure SiliconANGLE reported from Bloomberg; the $8 billion valuation appears in both TechCrunch's and SiliconANGLE's accounts.

fal's own post announcing the rounds confirms the two leads and names NVIDIA as a continuing investor in the Series F, but publishes no dollar figures and no valuation. The Series F drew participation from Nvidia, Sound Ventures and T. Rowe Price, according to TechCrunch; SiliconANGLE adds HOF Capital. Bessemer partner Talia Goldberg is joining the board of Features & Labels Inc., fal's legal name, per SiliconANGLE.

SiliconANGLE reported, citing Bloomberg, that fal will spend the money on computing power and on hiring beyond its current 185 employees. Chief executive and co-founder Burkay Gur told Bloomberg the round is large because demand outran supply. "We hit a point in summer where we were not able to serve our customers and had to rate-limit them," Gur said.

Bloomberg reported that fal passed $800 million in annualized revenue earlier this year. The company raised $140 million at a $4.5 billion valuation last December, per SiliconANGLE, which puts total investment in fal above $1.9 billion. Gur started fal in 2021 with chief technology officer Gorkem Yurtseven; Gur previously led machine learning work at Coinbase and worked as an engineer at Oracle, and Yurtseven was previously a developer at Amazon, according to TechCrunch.

SiliconANGLE notes the new valuation leaves fal just behind rival inference provider Fireworks AI, which closed $1.5 billion at a $17.5 billion valuation in July 2026. TechCrunch reported that gross margins across inference providers stay thin because compute is expensive to buy or lease.

For creators, fal is one of the places a clip actually gets rendered. Its pricing page lists video models from $0.015 per second for MiniMax's H3 Max Turbo to $0.14 per second for Kling Video v3, billed by output unit. If the new money buys the capacity fal says it will, the summer rate-limiting Gur described could ease for developers routing video work through the platform. fal has not announced any change to those prices.

The two rounds were announced together on November 3; fal says the proceeds fund work across its ecosystem in 2027, with no product date attached.