Databricks, a company specializing in data and artificial intelligence (AI), has raised $10 billion in Series J funding, securing $8.6 billion so far. This latest round values the company at $62 billion and is led by Thrive Capital, with participation from Andreessen Horowitz, DST Global, and others. New investors include ICONIQ Growth and Wellington Management.
“We were substantially oversubscribed with this round and are thrilled to welcome world-class investors who share our vision,” said Ali Ghodsi, co-founder and CEO of Databricks. “These are still the early days of AI, and we’re committed to helping companies across industries unlock the potential of data intelligence.”
The funds will be used for expanding AI products, acquisitions, and international operations. Databricks also plans to provide financial liquidity to employees and address tax-related obligations. The company expects to achieve positive free cash flow this quarter, a first in its history.
Databricks’ Data Intelligence Platform allows organizations to manage their data for analytics, machine learning, and AI applications.
Ghodsi emphasized its transformative potential, noting its ability to drive innovation while addressing global challenges like climate change, financial inequality, and healthcare advancements.
“Databricks, driven by its mission to democratize data and AI, has emerged as the platform of choice,” said Joshua Kushner, CEO of Thrive Capital. “We’ve witnessed their unrelenting execution and are honored to partner for the long term.”
Databricks continues to show strong growth, including a 60% year-over-year increase in revenue and over 500 customers spending $1 million annually. The company is on track to reach a $3 billion revenue run rate by early 2025.