Databricks, a prominent player in the fields of Data and AI, has recently announced a significant development: the signing of a term sheet for its Series K funding round. This round, which is anticipated to close shortly, has garnered enthusiastic backing from existing investors and is poised to elevate the company’s valuation to $100 billion or more.
The influx of new capital is strategically earmarked to propel Databricks’ ambitious AI strategy. Key initiatives include the expansion of its innovative product, Agent Bricks, which is designed to create high-quality, production-ready AI agents explicitly tailored to optimize enterprise data. Plus, the company is investing in Lakebase, an exciting new operational database (OLTP) built upon open-source Postgres, which is engineered to enhance the functionality of AI agents.
This fresh round of investment is not just about growth; it is also expected to pave the way for future acquisitions in the AI realm and to deepen the company’s commitment to AI research.
Databricks enters this funding round with impressive momentum. In the past two quarters alone, the company has successfully launched or expanded strategic partnerships with industry giants, including Microsoft, Google Cloud, Anthropic, SAP, and Palantir.
Currently, more than 15,000 customers worldwide are harnessing the power of the Databricks Data Intelligence Platform. This platform plays a crucial role in democratizing access to data and AI, allowing organizations to transform their data into actionable insights for analytics and AI-driven applications.
Built on a robust open-source foundation, the Databricks platform empowers organizations to drive innovation that not only boosts revenue but also lowers operational costs and mitigates risks, fostering a culture of informed decision-making and strategic growth.
KEY QUOTE:
“We’re seeing tremendous investor interest because of the momentum behind our AI products, which power the world’s largest businesses and AI services. Every company can securely turn its enterprise data into AI apps and agents to grow revenue faster, operate more efficiently, and make smarter decisions with less risk. Databricks is benefiting from an unprecedented global demand for AI apps and agents, turning companies’ data into goldmines. We’re thrilled this round is already over-subscribed and to partner with strategic, long-term investors who share our vision for the future of AI.”
Ali Ghodsi, co-founder and CEO of Databricks
