Databricks has secured $10B in its latest funding round, valued at $62B.
Takeaway Points
- Databricks secured $10B in its latest funding round, valued at $62B.
- The round is co-led by Andreessen Horowitz, DST Global, GIC, Insight Partners, and WCM Investment Management.
- Databricks plans to invest this capital towards new AI products, acquisitions, and significant expansion of its international go-to-market operations.
- Databricks announced its new European regional hub in London and Asia Pacific and Japan (APJ) regional hub in Singapore, as well as an expanded presence in Latin America and the Middle East.
- Databricks is the Data and AI company.
How much did Databricks secure?
Databricks, the data and AI company, on Tuesday announced its Series J funding. The company is raising $10 billion of expected non-dilutive financing and has completed $8.6 billion to date. This funding values Databricks at $62 billion and is led by Thrive Capital.
According to the report, the round is co-led by Andreessen Horowitz, DST Global, GIC, Insight Partners, and WCM Investment Management. Other significant participants include existing investor Ontario Teachers’ Pension Plan and new investors ICONIQ Growth, MGX, Sands Capital, and Wellington Management.
Ali Ghodsi, Co-Founder and CEO of Databricks, commented, “We were substantially oversubscribed with this round and are super excited to bring on some of the world’s most well-known investors who have a deep conviction in our vision. These are still the early days of AI. We are positioning the Databricks Data Intelligence Platform to deliver long-term value for our customers and our team is committed to helping companies across every industry build data intelligence. We’re building transformative data and AI infrastructure and excited to move aggressively in service of our customers and their success.”
Joshua Kushner, CEO of Thrive Capital, said, “Databricks, driven by its mission to democratize data and AI, has emerged as the platform of choice. We have witnessed the team’s unrelenting execution, and consider it an honor to be partners with the company for the long term.”
Where did Databricks want to invest?
To satisfy customer demand, Databricks said it plans to invest this capital towards new AI products, acquisitions, and significant expansion of its international go-to-market operations. In addition to fueling its growth, this capital is expected to be used towards providing liquidity for current and former employees, as well as paying related taxes. Finally, this quarter marks the first time the company is expected to achieve positive free cash flow.
Other Announcement
The company announced its new European regional hub in London and Asia Pacific and Japan (APJ) regional hub in Singapore, as well as an expanded presence in Latin America and the Middle East.
About Databricks
Databricks is the Data and AI company. More than 10,000 organizations worldwide — including Block, Comcast, Condé Nast, Rivian, Shell and over 60% of the Fortune 500 — rely on the Databricks Data Intelligence Platform to take control of their data and put it to work with AI. 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.
