Databricks has raised more than US$4 billion in a Series L funding round that values the data and artificial intelligence company at US$134 billion.
The San Francisco-based company said it surpassed a US$4.8 billion revenue run rate in the third quarter, growing more than 55 percent year on year, while delivering positive free cash flow over the past 12 months.
Revenue from its AI products and data warehousing businesses each exceeded a US$1 billion annualised run rate during the period.
Databricks said its net retention rate has remained above 140 percent, with more than 700 customers now generating over US$1 million each in annual revenue run rate.
The funding round was led by Insight Partners, Fidelity Management & Research Company and J.P. Morgan Asset Management. Other investors included Andreessen Horowitz, BlackRock, Blackstone, Coatue, GIC, MGX, NEA, Ontario Teachers’ Pension Plan, Robinhood Ventures, T. Rowe Price Associates, Temasek, Thrive Capital and Winslow Capital.
Databricks said it plans to use the proceeds to accelerate the development of AI-driven applications built on enterprise data, expand research efforts, support future acquisitions and provide liquidity for employees.
“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. With this investment, we’re deepening our commitment to help every organization innovate with AI on their own data.
By anchoring transactional data in Lakebase, delivering intuitive experiences through Databricks Apps, and enabling advanced multi-agent systems with Agent Bricks, we’re giving customers a unified foundation to build trusted, high-performance Data Intelligent Applications at scale.”
said Ali Ghodsi, co-founder and CEO of Databricks.
Insight Partners managing director John Wolff said Databricks continues to combine strong financial performance with customer adoption as companies seek to turn AI innovation into business outcomes.
Databricks said it serves more than 20,000 customers globally across a range of industries.
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