Databricks, a data analytics platform using artificial intelligence (AI), announced on Thursday that it has secured over USD 500 million in a funding round. The round valued the company at USD 43 billion, making it one of the biggest funding events for private tech companies this year amid AI-fueled optimism.
This funding round could potentially be the final private funding round for the data company. Notably, participants in this round included chipmaker Nvidia and credit card firm Capital One Financial. This development comes as one of its competitor companies prepares itself for the public market.
Other marquee names in the venture capital industry like Andreessen Horowitz, Baillie Gifford, Morgan Stanley’s Counterpoint Global, Fidelity Management & Research and Tiger Global also participated in the round.
In recent times, companies like Databricks have received funding to develop advanced chatbots for analysing business data. Additionally, Databricks acquired MosaicML, a generative AI startup, in a USD 1.3 billion deal.
Databricks reported a 50 per cent increase in revenue compared to the previous year. The company currently has more than 10,000 customers globally and its latest valuation is over 13 per cent higher than its previous valuation. Databricks has raised a total of USD 4 billion since its inception.
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