Data and AI giant Databricks announced a Series L funding round totaling more than $4 billion. The round comes from investors including Insight Partners, Fidelity Management & Research Company and J.P. Morgan Asset Management, and it brings Databricks’ valuation to $134 billion.
Databricks has maintained high growth momentum recently, based on its earnings from the performance of its solutions. The company surpassed a $4.8 billion revenue run rate, representing year-over-year growth of more than 55 percent. This includes a run rate of more than $1 billion from its data warehousing business. Additionally, Lakebase, its serverless database, is growing at twice the pace of its data warehousing product.
The company will invest its new capital in fueling continued growth, helping over 20,000 enterprises like AT&T, Block, Mastercard, Rivian and Unilever build AI apps and agents on its proprietary data. Companies leverage Lakebase as the system of record, while Databricks Apps serves as the user experience layer and Agent Bricks powers multi-agent systems.
“Enterprises are rapidly reimagining how they build intelligent applications, and the convergence of generative AI with new coding paradigms is opening the door to entirely new workloads,” Ali Ghodsi, co-founder and CEO of Databricks, said in a statement. “With this investment, we’re deepening our commitment to help every organization innovate with AI on their own data.”
Databricks’ new funding will also enable it to provide more liquidity for employees, invest in future AI acquisitions and further its AI research.
