Databricks Adds Another $5bn

US firm Databricks has secured another $5 billion, this time in the form of debt financing, adding to the $10 billion in venture capital it raised in December.

Databricks is headquartered in San Francisco, with offices around the globe and was founded by the original creators of Lakehouse, Apache Spark, Delta Lake and Mlflow. Its Data Intelligence 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. Last June it acquired Tabular, thus bringing together the creators and providers of the two main lakehouse systems for data warehousing, integration and management; and last month it announced the $10 billion series J raise, to be used to develop new AI products, make acquisitions and expand international go-to-market operations, among other ends. The raise valued the company at c.$62bn.

According to Bloomberg, lenders for the new $5bn raise include Blackstone, Apollo Global Management and Blue Owl Capital. The total includes a $2.25 billion term loan from direct lenders, a $500 million delay-draw tranche that Databricks can tap later, and a $2.5 billion revolving credit facility from a group of banks including JPMorgan, Barclays Plc, Citigroup Inc., Goldman Sachs Group Inc., Morgan Stanley and BNP Paribas SA.

The firm, which is led by co-founder and CEO Ali Ghodsi (pictured), has recently said it expects to cross $3 billion in annualized revenue this quarter (ending 31st January) as well as generating positive free cash flow. Revenue rose more than 60% in the latest-reported quarter.

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.