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Databricks raising mammoth $10B funding round at $62B valuation - SiliconANGLE

Dec 17, 2024 - siliconangle.com
Databricks Inc., a cloud data platform provider, announced a $10 billion funding round at a $62 billion valuation, marking one of the largest startup funding rounds on record. The Series J investment is co-led by Thrive Capital and Andreessen Horowitz, with participation from several other major investors. Databricks' platform, which integrates data lake and data warehouse features, is used by enterprises for data storage, analysis, and AI model building. The company reported an annualized revenue run rate expected to exceed $3 billion, with significant growth in its Databricks SQL product.

Databricks is focusing on expanding its AI capabilities, leveraging technology from its acquisition of Mosaic AI Inc. The company has launched an AI research unit and introduced several AI tools, including an open-source large language model. Proceeds from the funding will support further AI product development, acquisitions, and international expansion. Databricks also aims to achieve positive free cash flow this quarter and plans to go public in the second half of 2025 at the earliest.

Key takeaways:

  • Databricks is raising a $10 billion funding round at a $62 billion valuation, co-led by Thrive Capital and Andreessen Horowitz.
  • The company's annualized revenue run rate is expected to exceed $3 billion, with significant growth in its Databricks SQL product.
  • Databricks is focusing on AI, leveraging technology from its acquisition of Mosaic AI Inc., and plans to use part of the funding to develop more AI products.
  • The company aims to go public in the second half of 2025 and expects to achieve positive free cash flow this quarter.
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