Databricks, the Data and AI company, recently announced that it has raised over $500 million in Series I funding. This successful funding round, led by funds and accounts advised by T. Rowe Price Associates, Inc., values the company at an impressive $43 billion. The funding also establishes the price per share at $73.50.
Databricks’ latest funding round saw participation from several existing investors, including Andreessen Horowitz, Baillie Gifford, ClearBridge Investments, funds, and accounts managed by Counterpoint Global (Morgan Stanley), Fidelity Management & Research Company, Franklin Templeton, GIC, Octahedron Capital, and Tiger Global. The round also welcomed new investors such as Capital One Ventures, Ontario Teachers’ Pension Plan, and NVIDIA.
Ali Ghodsi, the Co-Founder and CEO of Databricks, expressed his gratitude for the commitment shown by their long-term strategic and financial partners. He highlighted that this support reflects Databricks’ continued momentum, the rapid adoption of their innovative Databricks Lakehouse, and the success that customers are experiencing by leveraging their unified data and AI platform.
The Databricks Lakehouse is a groundbreaking solution that brings together data, analytics, and AI on a single platform. This integrated approach enables customers to effectively govern, manage, and derive valuable insights from their enterprise data. Additionally, it empowers them to build their own generative AI solutions more efficiently.
The partnership between Databricks and NVIDIA is key in driving transformative AI technology. Jensen Huang, the founder and CEO of NVIDIA, acknowledged the incredible work being done by Databricks in collaboration with NVIDIA technology to accelerate data processing and generative AI models.
The significance of data and AI in today’s business landscape cannot be overstated. Databricks has not only pioneered the Lakehouse category, establishing itself as a leader with its exceptional team and product, but it is also at the forefront of Generative AI for the enterprise. This has garnered additional confidence from investors like Alan Tu, Lead Private Equity Analyst at T. Rowe Price Associates, Inc., who recognize the company’s pivotal role in the data and AI industry.
Olivia Steedman, the Executive Managing Director of Teachers’ Venture Growth at Ontario Teachers’, shared her excitement about investing in Databricks and emphasized the tremendous growth potential for businesses as they increasingly deploy AI across their operations. As an investor focused on long-term value creation, Teachers’ Venture Growth looks forward to partnering with Ali and Databricks’ strong management team in the next phase of their growth journey.
Databricks’ Series I funding comes on the heels of its impressive Q2 momentum, which ended on July 31, 2023. The company’s continued success and the substantial support from its financial and strategic partners position it for further expansion and innovation in the data and AI industry.
In conclusion, Databricks’ recent funding round of over $500 million showcases the company’s significant growth and market value. With influential partners and investors on board, Databricks is well-positioned to continue its mission of delivering cutting-edge data and AI solutions to enterprises worldwide.
