New updates have been reported about Databricks (PC:DTBRK)
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Databricks, a leader in data and AI solutions, has announced a significant milestone, achieving a $4 billion revenue run-rate with over 50% year-over-year growth. The company has also surpassed a $1 billion revenue run-rate for its AI products and maintained positive free cash flow over the past year. In a strategic move to further its AI ambitions, Databricks is closing a Series K funding round, raising $1 billion. This investment, co-led by prominent firms such as Andreessen Horowitz and Insight Partners, values the company at over $100 billion.
The new capital will be pivotal in accelerating Databricks’ AI strategy, particularly in expanding its Agent Bricks product and launching the new Lakebase category. Agent Bricks is designed to build high-quality AI agents optimized for enterprise data, while Lakebase represents a new category of operational databases tailored for AI applications. CEO Ali Ghodsi emphasized the importance of this funding in driving innovation and supporting future AI acquisitions. The company is also expanding its global presence, having recently established partnerships with tech giants like Microsoft and Google Cloud, and opening new offices in San Francisco and Sunnyvale to attract top AI talent. Databricks’ platform, built on an open-source foundation, continues to empower organizations worldwide to leverage data and AI for increased revenue and reduced costs.