Databricks reaches $190 billion valuation after raising $5 billion in financing
Databricks announced Thursday that it had raised $5 billion at a valuation of $190 billion, as the data and artificial intelligence software company seeks to expand its investments in products that help companies create and manage AI applications.
This funding comes six months after Databricks was valued at around $134 billion in a previous round, as investor demand for companies linked to the AI boom remains strong.
The latest round was led by existing investors—Coatue, Blackstone, MGX, and accounts advised by T. Rowe Price—along with new investor Sixth Street Growth.
Databricks also reported that it had surpassed an annualized revenue rate of $7 billion and posted more than 80% year-over-year revenue growth in the second quarter. The company noted that it maintained positive cash flow (on an adjusted basis) over the past 12 months.
Founded in 2013, Databricks offers software that helps companies store, manage and analyze data, as well as develop AI applications. The company competes with Snowflake and is widely considered a candidate for a future IPO.
