Databricks Raises $4B at $134B Valuation as Its AI Business Heats Up
Databricks has raised $4 billion in Series L funding, bringing its valuation to $134 billion as it expands its AI business. The company focuses on AI agent platforms and products, including Lakebase and Agent Bricks, and has secured partnerships with AI labs such as Anthropic and OpenAI. This move positions Databricks as a key player in AI-driven enterprise solutions.
Databricks has raised over $4 billion in a Series L funding round, bringing its valuation to $134 billion, a 34% increase from $100 billion just three months ago. The data intelligence company is focused on revolutionising AI with its Lakebase database, AI agent platform, and enterprise AI products.
This marks Databricks' third raise in less than a year, underscoring its commitment to helping businesses leverage AI-driven data solutions. The company is investing heavily in its AI database, Lakebase, built on the open-source Postgres database, and its AI agent platform, Agent Bricks. These tools are designed to help companies develop and deploy data and AI applications efficiently. Databricks has also secured large deals with AI labs, such as Anthropic and OpenAI, to integrate their models into its enterprise solutions.
In its latest update, Databricks reported a 55% year-over-year increase in run-rate revenue, bringing it to more than $4.8 billion. Over $1 billion of that revenue comes from AI-driven products, underscoring the growing importance of AI to the business.
The Series L round, led by Insight Partners, Fidelity, and J.P. Morgan Asset Management, along with other prominent investors, will help Databricks expand globally, adding thousands of new jobs in Asia, Europe, and Latin America. The company will also hire more AI researchers to continue its growth in the rapidly evolving AI sector.
Databricks' co-founder, Databricks' li Ghodsi, emphasised the importance of the intersection between generative AI and new coding paradigms in driving the development of intelligent applications in enterprises.
Databricks' rapid growth is critical to shaping the future of AI-driven enterprise solutions, providing customers with innovative tools to leverage their proprietary data to build AI applications and multi-agent systems.
Key Investors: Insight Partners, Fidelity, J.P. Morgan Asset Management, Andreessen Horowitz, BlackRock, Blackstone, and others.
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