Databricks, a leading data lakehouse platform, has successfully raised $500 million in a Series I funding round, valuing the company at a staggering $43 billion. The funding round was led by T. Rowe Price Associates, Inc., with participation from renowned existing investors such as Andreessen Horowitz, Fidelity Management & Research Company, and Tiger Global.
With the latest cash infusion, Databricks aims to expand its AI tool portfolio and further enhance its lakehouse architecture, which combines data, analytics, and AI into a unified platform. This unique approach allows businesses to effectively manage and derive insights from their corporate data while accelerating the development of customized generative AI solutions.
The funding round also saw the addition of new investors, including Capital One Ventures, Ontario Teachers’ Pension Plan, and NVIDIA. The partnership with NVIDIA is particularly noteworthy as Databricks embraces the immense potential of AI in its platform. NVIDIA’s cutting-edge chips and software powered by AI have been experiencing a surge in demand, prompting global efforts to secure their supply.
Databricks’ remarkable performance in Q2 was a significant factor in attracting financial and strategic support from its partners. The company achieved a yearly revenue growth of over 50%, reaching a revenue milestone of $1.5 billion. Additionally, Databricks boasts a vast customer base of over 10,000 organizations worldwide, with more than 300 customers generating annual revenue exceeding $1 million.
Furthermore, Databricks recently made headlines with its acquisition of MosaicML, a generative AI platform, for $1.3 billion. The company also unveiled 20 new product releases at the Data and AI Summit, showcasing its commitment to innovation and staying at the forefront of the industry.
Databricks’ Lakehouse platform continues to be the go-to choice for organizations seeking seamless integration of data, analytics, and AI capabilities. From Fortune 500 companies to Conde Nast and Comcast, more than 10,000 organizations globally rely on Databricks to unlock the full potential of their data assets.
FAQ
What is Databricks?
Databricks is a data lakehouse platform that offers a unified solution for managing data, analytics, and AI. It enables organizations to derive meaningful insights from their data while accelerating the development of custom generative AI solutions.
How much funding did Databricks raise in its Series I round?
Databricks raised $500 million in its Series I funding round.
What is the valuation of Databricks after the funding round?
After the funding round, Databricks is valued at $43 billion.
Who led the Series I funding round for Databricks?
The Series I funding round for Databricks was led by T. Rowe Price Associates, Inc.
Which companies are existing investors in Databricks?
Existing investors in Databricks include Andreessen Horowitz, Fidelity Management & Research Company, and Tiger Global.
Which new investors joined Databricks’ funding round?
Capital One Ventures, Ontario Teachers’ Pension Plan, and NVIDIA are among the new investors that joined Databricks’ funding round.
What is the significance of the partnership between Databricks and NVIDIA?
The partnership between Databricks and NVIDIA allows Databricks to leverage NVIDIA’s AI capabilities and technology to enhance its data processing and generative AI models.
How many customers does Databricks have?
Databricks has over 10,000 worldwide customers, including more than 300 customers generating annual revenue exceeding $1 million.
What recent acquisitions and product releases has Databricks made?
Databricks recently acquired MosaicML, a generative AI platform, for $1.3 billion. The company also unveiled 20 new product and feature releases at the Data and AI Summit.