Overview
- The Series L round was led by Insight Partners, Fidelity Management & Research Company and J.P. Morgan Asset Management, with participation from Andreessen Horowitz, BlackRock and Blackstone.
- The new valuation represents a 34% increase from August’s $100 billion mark.
- Databricks reported a $4.8 billion annualized revenue run rate in Q3, up 55% year over year, with AI and data warehousing each exceeding a $1 billion run rate and positive free cash flow over the past 12 months.
- Funds will support AI-driven applications, future acquisitions, expanded AI research and employee secondary share sales, and the company expects to add thousands of jobs including AI researchers.
- Databricks is pushing products such as Lakebase and Agent Bricks and offers models from Anthropic and OpenAI, while analysts say the financing could set the stage for an eventual IPO with no date announced.