Databricks, the global data and AI firm founded by the creators of Apache Spark and Delta Lake, has announced major financial and operational milestones as it closes a new round of investment.
The company confirmed it is finalising a $1bn Series K raise, valuing the business at more than $100bn. The round has been co-led by Andreessen Horowitz, Insight Partners, MGX, Thrive Capital, and WCM Investment Management.
Databricks operates the Data Intelligence Platform, a cloud-based system built on open source technologies that allows organisations to analyse data, develop AI tools, and create enterprise-ready AI agents. More than 20,000 companies, including over 60% of Fortune 500 firms, currently use the platform.
The new capital will accelerate Databricks’ AI expansion, particularly the rollout of its recently launched Agent Bricks tool and its new Lakebase database category. It will also support acquisitions, global growth, and further research into advanced AI applications.
The raise comes after the company reported revenues crossing a $4bn run-rate, representing more than 50% year-on-year growth. Its AI products alone exceeded a $1bn revenue run-rate, while the business also achieved a net retention rate above 140% and maintained positive free cash flow over the last 12 months. More than 650 customers now generate at least $1m annually on the platform.
Ali Ghodsi, Databricks co-founder and CEO, said, “Our teams are putting up these results by building the data and AI infrastructure enterprises will rely on for decades.
“With this new capital, we can move even faster with Agent Bricks, helping customers in every industry turn their data into production AI agents, and carry more momentum as we create the new Lakebase category, reinventing databases for AI agents.”
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