New updates have been reported about Databricks (PC:DTBRK)
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Databricks has announced a significant $4 billion Series L funding round, elevating its valuation to $134 billion. This investment underscores Databricks’ robust financial trajectory, as the company has achieved a $4.8 billion revenue run-rate with a growth rate exceeding 55% year-over-year. Notably, Databricks’ AI products and data warehousing business each surpassed a $1 billion revenue run-rate, contributing to the company’s positive free cash flow over the past year.
The new capital will be strategically deployed to enhance Databricks’ offerings, particularly in the realm of Data Intelligent Applications. The company plans to leverage its Lakebase, Databricks Apps, and Agent Bricks platforms to empower enterprises in building AI-driven applications on proprietary data. This funding will also facilitate liquidity for employees and support potential AI acquisitions and research. CEO Ali Ghodsi emphasized the company’s commitment to enabling organizations to innovate with AI, highlighting the integration of transactional data through Lakebase and the development of advanced multi-agent systems with Agent Bricks. The investment, led by prominent firms such as Insight Partners and Fidelity Management, reflects strong confidence in Databricks’ vision and its role in transforming AI into tangible enterprise value.