
Image: © Robert/Stock.adobe.com
The latest funding round puts the company’s valuation at $62bn, with Meta joining as a new strategic investor.
Following earlier reports, US software company Databricks has officially closed a multibillion-dollar funding round to invest in AI products, acquisitions and expansion.
The Series J funding of $10bn came from existing investor QIA, the sovereign wealth fund of the State of Qatar, along with new investors including Temasek and Meta.
Meanwhile, Databricks closed a $5.25bn credit facility led by JPMorgan Chase alongside Barclays, Citi, Goldman Sachs and Morgan Stanley, with participation from other leading financial institutions and alternative asset managers. This brings its total to more than $15bn and puts the company’s valuation at $62bn.
As well as investing in AI products and talent, the funding will also be used to provide liquidity for current and former employees and paying related taxes.
Founded more than 10 years ago, Databricks provides a data intelligence platform designed to make it easier for organisations to use data machine learning, analytics and AI applications. Last year, SiliconRepublic.com named it one of the tech start-ups to watch in 2024.
Co-founder and CEO of Databricks, Ali Ghodsi, said the company received “overwhelming interest” in its latest funding round. “Organisations are modernising their data and AI infrastructure because they recognise the immense potential of generative AI,” he said.
“Data intelligence is critical to both unlocking this potential and to helping enterprises reach their business goals.”
The company said more than 10,000 organisations around the world, including Block, Comcast, Condé Nast, Rivian and Shell, rely on its AI-powered data intelligence platform.
In 2021, Databricks raised $1.6bn at a valuation of $38bn, becoming one of the many ‘decacorn’ start-ups in 2021, while in 2023, it raised more than $500m in a Series I funding round.
Last year, the company acquired Tabular – a data management company – in a deal reportedly valued at $2bn.
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