Databricks, a leading data and AI software company, has secured a massive $10 billion funding round, propelling its valuation to $62 billion. The investment will fuel liquidity for employees, acquisitions, and global expansion.
Databricks, one of the most valuable privately held companies, announced a $10 billion financing on Tuesday that values the software maker at $62 billion. With the money, Databricks will be able to provide liquidity to current and former employees, make acquisitions, and expand overseas, according to a statement. The company's new valuation is up from its last funding round.
Databricks sells software for analyzing and cleaning up data, and it also runs artificial intelligence models for clients. The software is available on the cloud. The company expects to generate positive free cash flow for the first time with a $3 billion revenue run rate in the quarter that ends on Jan. 31, Databricks said. The company's revenue in the October quarter grew more than 60% year over year. Investors in the financing, of which it has raised $8.6 billion to date, include Thrive Capital, Andreessen Horowitz, DST Global, GIC, Iconiq Growth, Insight Partners, MGX, Sands Capital, WCM Investment Management and Wellington Management. Technology investors have been anticipating a Databricks initial public offering for years. They may only have to wait a few more months.in an initial public offering last week, and some investors have predicted that tech IPOs will become more frequent again in 2025 after a relative drought since late 2021.'If we were going to go, the earliest would be, let's say mid next year or something like that,' Ali Ghodsi, Databricks' co-founder and CEO, said at the Cerebral Valley AI Summit in November
FINANCING DATABRICKS VALUATION ACQUISITIONS EXPANSION
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