Databricks raises $10B as it barrels toward an IPO | TechCrunch
Dec 17, 2024 - techcrunch.com
Databricks, a data analytics platform, has secured $10 billion in a funding round, elevating its valuation to $62 billion from $43 billion. This Series J round, one of the largest in venture history, includes investors such as Thrive Capital, Andreessen Horowitz, DST Global, GIC, and Iconiq Growth. The funds will support future mergers and acquisitions, employee stock payouts, and international expansion, as stated by CNBC. This funding comes as Databricks prepares for its anticipated IPO.
Founded in 2013 by seven UC Berkeley Ph.D. candidates, Databricks offers AI, big data analytics, and cloud tools for building data-driven applications. The company is on track to achieve positive free cash flow for the first time, with a projected $3 billion revenue run rate for the quarter ending January 31. Databricks reported over 60% year-over-year revenue growth in the October quarter.
Key takeaways:
Databricks has raised $10 billion in a funding round, valuing the company at $62 billion.
The funding round included backers such as Thrive Capital, Andreessen Horowitz, DST Global, GIC, and Iconiq Growth.
This "Series J" round is one of the largest venture rounds in history and precedes Databricks' anticipated IPO.
Databricks expects to achieve positive free cash flow with a $3 billion revenue run rate by the end of January.
