Databricks, a leading data and artificial intelligence company, has raised a staggering $500 million in its Series I funding round, boosting its total valuation to $43 billion. The funding round was spearheaded by funds and accounts managed by T. Rowe Price Associates, Inc., with participation from esteemed investors such as Andreessen Horowitz, Fidelity Management & Research Company, and NVIDIA.
The key to Databricks’ success lies in its groundbreaking Lakehouse platform, which seamlessly integrates data, analytics, and AI into a unified system. This allows businesses to effortlessly manage, govern, and extract insights from their data, facilitating the rapid development of generative AI solutions.
Ali Ghodsi, Co-Founder and CEO of Databricks, expressed his gratitude for the unwavering support from strategic and financial partners. Ghodsi also highlighted the exceptional collaboration with NVIDIA, underscoring the transformative AI technology that both companies are jointly developing.
Jensen Huang, the founder and CEO of NVIDIA, echoed Ghodsi’s sentiments and commended Databricks for its remarkable work in accelerating data processing and AI model generation. Alan Tu, Lead Private Equity Analyst at T. Rowe Price Associates, Inc., acknowledged Databricks’ pioneering efforts in the Lakehouse category and its leadership in driving Generative AI for enterprises.
Additionally, the Ontario Teachers’ Pension Plan expressed its support, with Olivia Steedman, Executive Managing Director at Teachers’ Venture Growth, emphasizing the immense growth potential of Databricks.
The successful fundraise comes on the heels of Databricks’ impressive Q2 performance, with the company reporting a revenue run rate of $1.5 billion, representing a remarkable 50% year-over-year growth. The company also celebrated significant milestones, including the acquisition of MosaicML, a prominent generative AI platform, and the successful delivery of 20 product and feature releases at the Data and AI Summit, which attracted over 30,000 participants from around the globe.
Databricks’ unique platform has garnered the trust of more than 10,000 global organizations, including major players like Comcast and Condé Nast. With its team of visionaries behind Delta Lake, Apache Spark, and MLflow, Databricks is empowering data teams to tackle some of the most pressing challenges worldwide.
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