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Databricks raises $10B as it barrels toward an IPO
Databricks, a leading data analytics platform, has secured a massive $10 billion in funding, valuing the company at a staggering $62 billion. This monumental round, reportedly one of the largest venture rounds in history, is expected to fuel future mergers and acquisitions, stock payouts to employees, and expansion into new markets.
The mammoth “Series J” funding was backed by investors including Thrive Capital, Andreessen Horowitz, DST Global, GIC, and Iconiq Growth. This significant influx of capital comes ahead of the company’s highly anticipated initial public offering (IPO).
Founded in 2013 by seven Ph.D. candidates from UC Berkeley, Databricks has established itself as a go-to platform for AI, big data analytics, and cloud tooling, enabling companies to build data- and AI-powered applications.
The impressive funding round comes as the company prepares to make its public debut. According to CNBC, Databricks expects to generate positive free cash flow for the first time, with a $3 billion revenue run rate in the quarter ending on January 31. This significant milestone is a testament to the company’s remarkable growth and success.
Databricks’ revenue in the October quarter saw a staggering year-over-year increase of over 60%. The company’s remarkable financial performance has undoubtedly caught the attention of investors, paving the way for its upcoming IPO.
With this monumental funding, Databricks will likely utilize the capital to further expand its operations, solidify its position in the market, and continue to innovate and push the boundaries of data analytics.
Source: techcrunch.com
