Databricks has closed a massive $10B Series J funding round
Databricks has secured a massive $10 billion Series J funding round led by Thrive Capital, valuing the company at $62 billion, as it experiences rapid growth driven by AI demand. Databricks expects to cross $3 billion in revenue run rate and achieve positive free cash flow this quarter.
Data, analytics and AI company Databricks is valued at $62 billion after closing a $10 billion Series J funding round led by Thrive Capital, and co-led by Andreessen Horowitz, DST Global, GIC, Insight Partners and WCM Investment Management. Additionally, several new and existing investors contributed to the funding round, including new investors ICONIQ Growth, MGX, Sands Capital and Wellington Management and existing investor Ontario Teachers' Pension Plan.
According to Databricks' press release, the funding will fuel new product development, enable acquisitions, and accelerate the company's expansion to new international markets. In addition to boosting Databricks' growth, the investment will also be used to liquidate stock payments for employees and pay related taxes. News of the funding round are joined by another significant milestone: Databricks is expected to reach positive free cash flow and exceed $3 billion run-rate revenue this quarter (ending January 31, 2025), right after demonstrating 60% growth year-over-year in the third quarter (ending October 31, 2024).
The Databricks Data Intelligence Platform serves over 10,000 organizations, including over 60% of the Fortune 500. According to the company, customers are leveraging the platform to accelerate cancer and other diseases' diagnosis and treatment, develop strategies to combat climate change, and mitigate local financial inequality, among other applications. Founded by the creators of Lakehouse, Apache Spark™, Delta Lake and MLflow, Databricks enables users to tap into their data's potential using analytics, machine learning, and AI applications as part of its mission to democratize access to data and AI.
