Audio-native AI that understands what is happening in a voice conversation, not just the words
Modulate is a Boston voice-intelligence company whose models analyze audio directly for emotion, tone, intent, emphasis, synthetic speech and conversational behavior. Its Velma platform runs on an Ensemble Listening Model (ELM) architecture that orchestrates 100+ small specialized audio models instead of one large model, which the company says cuts inference compute sharply. Uses include deepfake and fraud detection on high-risk calls (including for healthcare institutions), supervising and monitoring voice AI agents, customer-experience analysis, AI music detection, and trust and safety on social and gaming platforms (harassment, extremism, child-grooming detection). It also sells transcription ($0.03 per hour, batch) and voice masking. Founded in 2017 by MIT physics alumni Mike Pappas and Carter Huffman (CEO), it began with voice modulation for gaming, then built ToxMod for voice-chat moderation. The company reports 10M+ hours of audio analyzed a month and 600M+ hours in total, and #1 rankings on Hugging Face's Open ASR and deepfake speech leaderboards. It raised $25M led by Future Ventures in September 2026, bringing total funding to $60M.
AI📍 Boston, MAFounded 2017
Current Valuation
Private
PRIVATE
IPO Outlookprivate
Is Modulate going public?
No. Modulate is private and has not filed to go public. There is no S-1 on file.
What is Modulate's valuation in 2026?
No confirmed valuation is on record for Modulate. The roster shows funding and investors where they are public; it does not estimate a mark.
Has Modulate filed an S-1?
No public S-1 is on file for Modulate.
Who are Modulate's investors?
Modulate's investors include Future Ventures, Hyperplane, Lakestar, Everblue, Galaxy.
How much has Modulate raised?
Modulate has raised $60M in total across 2 disclosed rounds, most recently a Venture of $25M in Sep 2026.
Is Modulate publicly traded — can you buy Modulate stock?
No. Modulate is a private company — its shares are not listed on any exchange and there is no ticker. The routes to exposure are pre-IPO secondary marketplaces and funds (accredited investors), employee tender offers when the company runs one, and public companies with read-through exposure. QuantLogix maps every route it can verify for Modulate on its Pre-IPO Access Desk.
Answers are derived from the roster record shown on this page — filing status, last round and confirmed marks. Where the record is silent, the answer says so rather than guessing.
Company Profile
CEO
Carter Huffman
Founded
2017
HQ
Boston, MA
Employees
40-45
Total Raised
$60M
Growth
10M+ hours of audio analyzed per month; 600M+ hours in total; #1 on Hugging Face's Open ASR and deepfake speech leaderboards (company-reported)
Last Round
Venture — $25M (Sep 2026) · Lead: Future Ventures
IPO Status
private
Fundraising Status
Venture · $25M · this month
privateTotal raised $60M2 disclosed rounds
Growth & Valuation
Capital raised per round
Charts built from publicly disclosed funding rounds and revenue estimates. Approximate, not real-time, not investment advice.
Funding History
Round
Amount
Date
Lead Investor
Post-Money
Venture
$25M
Sep 2026
Future Ventures
—
Series A
$30M
Aug 2022
Lakestar
—
Vertical Intelligence — AI / ML
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Talent Signal
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Private-company numbers are not real-time. Reflects publicly disclosed valuations from press releases, news reports, and tender offers as of recent date. Refreshed quarterly.