Data and AI company Databricks announced the final closing of its Series J funding. Existing investor QIA, the sovereign wealth fund of the State of Qatar, along with new investors, including Temasek and entities administered by Macquarie Capital, participated in the funding round – which values the company at $62 billion. Plus, Meta has joined as a new strategic investor.
Databricks plans to invest this capital in new AI products, acquisitions, and expansion of its international go-to-market operations. This funding is also expected to provide liquidity for current and former employees and pay related taxes.
Along with raising the $10 billion equity funding from some of the most well-known investors, Databricks also closed a $5.25 billion credit facility led by JPMorgan Chase alongside Barclays, Citi, Goldman Sachs, and Morgan Stanley, with participation from other leading financial institutions and alternative asset managers. And the credit facility includes a $2.5 billion unfunded revolver and a $2.75 billion term loan.
The Databricks Data Intelligence Platform democratizes data and AI access, making it easier for organizations to harness the power of their data for analytics and AI/ML applications. Built on an open-source foundation, this platform enables organizations to drive innovation to increase revenue, lower costs, and reduce risk.
The company’s customers use the Data Intelligence Platform to find and treat diseases and cancer earlier, identify new ways to combat climate change, detect financial fraud, develop pharmaceuticals faster, reduce time to mental health intervention, decrease local financial inequality and much more.
KEY QUOTES:
“We received overwhelming interest in this round from both new and existing investors and strategic partners who believe in our vision and market impact. These partners are focused on the long-term success of Databricks and our rapidly growing customer base. Organizations are modernizing their data and AI infrastructure because they recognize the immense potential of generative AI. Data intelligence is critical to both unlocking this potential and to helping enterprises reach their business goals.”
- Ali Ghodsi, Co-Founder and CEO of Databricks
“We are excited to deepen our commitment to Databricks through this follow-on investment, underscoring our strong conviction in the company’s leadership and strategic positioning. At QIA, we are expanding our exposure across the AI ecosystem and believe Databricks has become the leading platform within the AI infrastructure software space.”
- Mohammed Saif Al-Sowaidi, CEO of QIA
