Databricks, the renowned Data and AI company, today confirmed the successful closure of its Series J funding.
The round saw participation from existing investor QIA, the sovereign wealth fund of the State of Qatar, alongside new investors including Temasek and entities managed by Macquarie Capital. The company also welcomed Meta as a new strategic investor, reaching an impressive valuation of $62bn.
The company secured a remarkable $10bn in equity financing from these esteemed investors. Additionally, Databricks finalized a $5.25bn credit facility which was led by JPMorgan Chase with the support of Barclays, Citi, Goldman Sachs, and Morgan Stanley. This facility includes a $2.5bn unfunded revolver and a $2.75bn term loan.
Databricks specializes in democratizing access to data and AI, simplifying the use of analytics, machine learning, and AI applications across various sectors. Built on a robust open source foundation, the platform facilitates innovation for its users, enabling them to tackle challenges such as disease and cancer detection, climate change, financial fraud, and more.
The fresh capital will be channelled towards developing new AI products, pursuing strategic acquisitions, and bolstering the company’s international market presence. This investment also aims to provide liquidity for current and former employees and to cover related tax expenses.
“We received overwhelming interest in this round from both new and existing investors and strategic partners who believe in our vision and market impact. These partners are focused on the long-term success of Databricks and our rapidly growing customer base,” Databricks Co-Founder and CEO Ali Ghodsi commented. “Organizations are modernizing their data and AI infrastructure because they recognize the immense potential of generative AI. Data intelligence is critical to both unlocking this potential and to helping enterprises reach their business goals.”
Adding to the insights, Mohammed Saif Al-Sowaidi, CEO of QIA, shared, “We are excited to deepen our commitment to Databricks through this follow-on investment, underscoring our strong conviction in the company’s leadership and strategic positioning. At QIA, we are expanding our exposure across the AI ecosystem and believe Databricks has become the leading platform within the AI infrastructure software space.”
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