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Analytics company Databricks has raised $10 billion in a move that brings its valuation to $62bn.
The firm will use the Series J funds to develop new AI products, complete acquisitions, and expand its international operations. Databricks said the capital will provide liquidity for current and former employees and cover tax-related expenses.
The company said it has experienced over 60% year-over-year growth, driven by the surge in artificial intelligence interest. The firm’s Data Intelligence Platform claims to democratise access to data and AI, helping organisations leverage their data for analytics, machine learning, and AI applications.
The $10bn round is led by Thrive Capital, with co-leads Andreessen Horowitz, DST Global, GIC, Insight Partners, and WCM Investment Management. Existing investor Ontario Teachers’ Pension Plan and new backers ICONIQ Growth, MGX, Sands Capital and Wellington Management also participated.
Providing long-term value
“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,” said Databricks co-founder and CEO Ali Ghodsi.
“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.”
Thrive Capital CEO Joshua Kushner added: “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.”
Databricks’ Series J funding round surpasses OpenAI’s $6.6bn raised in October, highlighting the strong demand for companies working in the AI space.
