AI startups have been whipped by two shifts this year: the surge in AI coding and the increasing scarcity of computing power. Modal Labs is confronting both.

At company valuation of $4.65bn

SAN FRANCISCO, May 21 : AI startup Modal raised $355 million in a new round of financing, valuing the company at $4.65 billion, CEO Erik Bernhardsson told Reuters.AI startups have…