Databricks, a Data and AI company, announced the completion of additional closings in its recent Series I funding round. This latest financial injection has boosted the company’s post-money valuation to an impressive $43 billion.
The funding round witnessed participation from both existing investors, including tech giants Amazon Web Services (AWS), CapitalG, and Microsoft, and new investors such as AT&T Ventures, Qatar Investment Authority (QIA), and Sanabil Investments.
This diverse investor lineup underscores the broad industry confidence in Databricks’ potential and strategic direction.
Ali Ghodsi, Co-Founder and CEO of Databricks, expressed his excitement about the overwhelming interest from investors and strategic partners.
He emphasized the significance of generative AI in today’s business landscape, noting that Databricks’ multicloud architecture is pivotal for organizations looking to develop Gen AI solutions while maintaining privacy and control over their data.
The capital raised in this round is earmarked for accelerating the development of transformative AI technologies and Gen AI research.
Additionally, the company plans to expand its team by hiring more AI data scientists and engineering talent, further strengthening its position in the AI and data analytics sector.
Databricks’ platform has been a game-changer in unifying data, analytics, and AI on a single platform. This integration allows customers to effectively govern, manage, and derive insights from enterprise data, facilitating the faster development of generative AI solutions.
Andy Markus, CDO of AT&T, highlighted Databricks’ role in driving connectivity innovation and the value they’ve added to AT&T’s operations.
Meanwhile, Mohammed Al-Hardan from QIA pointed out the strategic alignment of their investment with Databricks, given the company’s prowess in integrating AI seamlessly into its offerings.
Joining the new investors in this round are numerous high-profile returning investors, showcasing the widespread belief in Databricks’ vision and future potential.
Founded by the original creators of Delta Lake, Apache Spark™, and MLflow, Databricks has established itself as a formidable player in the Data and AI space.
With over 10,000 organizations globally relying on its Lakehouse Platform, the company is steadfast in its mission to empower data teams to tackle the world’s most challenging problems.