Databricks, a leader in data and AI technology, today announced a substantial increase in its financial standing through a Series J funding round.
The company, known for its robust Data Intelligence Platform, is raising a remarkable $10bn in expected non-dilutive financing. To date, $8.6bn has been secured, valuing Databricks at an impressive $62bn.
The funding round is spearheaded by Thrive Capital and includes notable co-leaders such as Andreessen Horowitz, DST Global, GIC, Insight Partners, and WCM Investment Management. Additional support comes from existing investor Ontario Teachers’ Pension Plan alongside new investors ICONIQ Growth, MGX, Sands Capital, and Wellington Management.
Databricks has been at the forefront of the AI and data revolution, experiencing accelerated growth—over 60% year-over-year—due to soaring demand in artificial intelligence. The company’s platform democratizes access to data and AI, making advanced analytics, machine learning, and AI applications more accessible for organizations. This has enabled Databricks to expand its offerings, helping businesses harness their data to drive innovation, enhance revenue, cut costs, and mitigate risks.
The new influx of capital will be directed towards the development of new AI products, strategic acquisitions, and a significant expansion of Databricks’ international market operations. Furthermore, the funds are slated for providing liquidity to both current and former employees and covering related tax expenses. This round of funding also coincides with Databricks’ milestone achievement of expecting to reach positive free cash flow for the first time this quarter.
“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,” Ali Ghodsi, co-founder and CEO of Databricks, commented. “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, also shared his enthusiasm, “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’ success in previous funding rounds underscores its solid financial foundation and the trust it has cultivated among investors.
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