Databricks raising funds at USD134b valuation
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The news: Data-analytics and artificial-intelligence software company Databricks is raising Series L funding that would value the company at USD134 billion ($201.72 billion), the Wall Street Journal reports.
The numbers: The raise, at over USD4 billion, will see the company’s notch a 34% increase in valuation since its latest funding round earlier this year.
The San Francisco-based company also told the WSJ it crossed USD4.8 billion in annual revenue run rate at the end of October, up from the USD4 billion it announced in September.
The context: The Series L round is being led by Insight Partners, Fidelity Management & Research Co. and JPMorgan Asset Management, with additional participation from Andreessen Horowitz.
Databricks’ co-founder and chief executive Ali Ghodsi told the masthead that the company plans to use the cash to invest in its core data-analytics products and AI software, as well as allow its employees to conduct secondary share sales. The company plans to add thousands to its workforce in Asia, Europe and LATAM, and plans to invest in hiring AI researchers.
Ghodsi attributed the company’s growing revenue run-rate growth, which he said is up over 55% year-over-year, to the idea that businesses are building “data-intensive applications that use AI.”
He added that he has not yet decided when Databricks will pursue an IPO.
Databricks rents out analytics capabilities, AI and cloud-based software that leverages AI-ready data for building enterprise tech systems.
The source: Wall Street Journal
