Databricks, the Data and AI company, has revealed plans for a strategic funding round that values the business at $188bn.
The company has already signed a term sheet for the raise, which is being led by existing backer Coatue and is expected to be finalised later this summer. A mix of new and current investors will also take part in the round.
The fresh capital will be channelled into accelerating Databricks’ AI strategy. Investment will focus on three products in particular: Unity AI Gateway, a multi-AI governance tool that lets enterprises oversee their AI usage and manage its costs; Genie, an AI coworker designed to convert business data into reliable answers and actions; and Lakebase, a serverless Postgres database created specifically for AI agents.
According to the company, a context gap in enterprise AI is preventing many organisations from deploying the technology at scale and realising returns. Data frequently sits fragmented across different systems, cut off from AI and hard to govern, meaning teams struggle to keep a handle on the cost, security and reliability of their AI.
Databricks said its Data + AI Platform tackles these issues by bringing data and AI together on agent-ready infrastructure, governing access and spend, and providing the business context needed to build and deploy successfully.
Companies across banking, payments, capital markets and insurance leverage Databricks to unlock the power of AI. By leveraging AI and a unified financial data system, firms can enable hyper-personalisation, underwrite faster, improve customer engagement, bolster anti-fraud processes, power AI-augmented research, improve trading analytics, accelerate claims triage and more.
San Francisco-headquartered Databricks supports over 20,000 organisations globally, including adidas, AT&T, Bayer, Block, Mastercard, Rivian, Unilever and 70% of the Fortune 500.
Databricks co-founder and CEO Ali Ghodsi said, “Enterprises are moving from tokenmaxxing to valuemaxxing. They don’t want to burn expensive tokens on the smartest model for every task — they want the best outcome per dollar. That means having the freedom to choose the right AI for the job. This new capital lets us keep pushing our multi-AI strategy forward to meet massive customer demand, so we can keep strengthening Unity AI Gateway, expanding Genie, and advancing Lakebase.”
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