Overview
- Insight Partners, Fidelity Management & Research Company and J.P. Morgan Asset Management led the Series L round, with participation from Andreessen Horowitz, BlackRock, Blackstone and others.
- The company reported a $4.8 billion revenue run-rate in Q3 with more than 55% year-over-year growth, positive free cash flow, and over $1 billion run-rates from both AI products and data warehousing.
- Databricks says the capital will fund AI application development, expand research, support acquisitions and provide employee liquidity, with plans reported to add thousands of roles and grow its AI lab.
- Product investment is centered on Lakebase (a serverless PostgreSQL system of record), Databricks Apps for building secure data and AI applications, and Agent Bricks for multi-agent systems.
- Reporting notes sizable commercial deals with Anthropic and OpenAI to offer their models in Databricks' products, and analysts say the financing strengthens the case for a potential IPO without a set timeline.