Despite losing about $900 million in its last two fiscal years, Databricks recently broke the $1 billion revenue mark for the first time in January, with a growth rate of around 70% year-over-year. The company is pivoting to support the rising interest in AI technologies and has made several acquisitions, including AI data governance startup Okera Inc. and AI storage infrastructure provider Rubicon Inc. Databricks has also launched its own open-source generative AI model, Dolly, and announced new capabilities at the recent Databricks Data+AI Summit.
Key takeaways:
- Databricks Inc., an enterprise big-data company, is reportedly in talks with investors for a fresh round of funding that could total hundreds of millions of dollars. This funding will help the company capitalize on enterprise demands for a reliable data platform to fuel a new generation of artificial intelligence applications.
- The company's software is said to be faster than traditional big-data platforms like Apache Spark, and it enhances innovation and application development, offers strong security options, and has built-in data visualization tools.
- Databricks has been growing rapidly and is pivoting to support the rising interest in AI technologies, driven by enterprise enthusiasm about generative AI applications such as ChatGPT.
- The company has made several acquisitions as part of its push into AI, including AI data governance startup Okera Inc. and AI storage infrastructure provider Rubicon Inc. It also launched its own open-source generative AI model, Dolly, to compete with ChatGPT.