New updates have been reported about Databricks (PC:DTBRK)
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Databricks has successfully raised $10 billion in a recent funding round, elevating its valuation to $62 billion from a previous $43 billion. This substantial Series J round, which is among the largest in venture capital history, was backed by prominent investors including Thrive Capital, Andreessen Horowitz, DST Global, GIC, and Iconiq Growth. The influx of capital is set to fuel Databricks’ strategic initiatives, such as mergers and acquisitions, rewarding employees with stock payouts, and expanding its international footprint.
The funding comes as Databricks gears up for its much-anticipated initial public offering (IPO). Established in 2013 by a group of UC Berkeley doctorate candidates, the company specializes in AI, big data analytics, and cloud solutions, empowering businesses to create data-driven and AI-enhanced applications. Financially, Databricks is on a strong trajectory, expecting to achieve positive free cash flow for the first time with a projected $3 billion revenue run rate for the quarter ending January 31. Additionally, the company reported a robust revenue growth of over 60% year-over-year for the October quarter, underscoring its rapid expansion and market demand.