Databricks: The Rise of a Strong Unicorn Amid Market Correction

Data management startup Databricks has reported revenue exceeding $1 billion for the financial year ending on January 31, 2022, with more than 60% growth in the previous year. The company’s data warehousing product crossed the $100 million annual recurring revenue threshold in April, following the achievement of annual recurring revenue of $600 million in August 2021 and $800 million in December of the same year. Despite these previously reported milestones, the latest revenues exceeded expectations. The forward-looking metric, annual recurring revenue, indicates the company has grown even further, having sustained growth continuing into the past two quarters. The company’s success can be attributed to its position in the artificial intelligence (AI) sector, acquiring and developing data governance and storage AI-focused platforms. The company may potentially go public in the future, as CEO Ali Ghodsi recognizes the possibility of harmonizing its private worth with the public market.