Half Billion Funding for Databricks

US-based big data and AI solutions firm Databricks has announced Series I funding of more than $500m, valuing the company at $43bn.

The Databricks Lakehouse platform brings together data, analytics and AI/machine learning to help clients govern, manage and derive insights from enterprise data and build their own generative AI solutions.

The latest funding was led by funds and accounts advised by T. Rowe Price Associates, with support from other existing investors including Andreessen Horowitz and Baillie Gifford, and new investors including Capital One Ventures and NVIDIA. It comes two years after the firm's even larger series H round which raised $1.6 billion; and less than 3 months on from its acquisition of generative AI platform MosaicML for around $1.3 billion.

During its financial second quarter (ending 31st July 2023) Databricks crossed $1.5bn revenue run rate at over 50% revenue year-over-year growth, and the firm now has more than 10,000 global customers, including more than 300 spending $1m+ per annum.

Ali Ghodsi (pictured), co-founder and CEO of Databricks comments: 'The commitment from long-term focused strategic and financial partners reflects Databricks' continued momentum, the rapid customer adoption of the Databricks Lakehouse, and the success customers are seeing from moving to a unified data and AI platform. Databricks and NVIDIA are building transformative AI technology, and we're excited about the business value and innovation we can bring to our customers'.

Alan Tu, Lead Private Equity Analyst at T. Rowe Price adds: 'Data and AI have rapidly become the centerpiece of many business strategies. Databricks has not only pioneered the Lakehouse category with a world-class team and product, but it is now also at the forefront of Generative AI for the enterprise. We're proud to extend our investment at such a pivotal time for the company, its customers, and the data and AI industry'.

Web site: www.databricks.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.