Databricks Inc. is securing $10 billion in new funding, a substantial infusion that will elevate the software company’s valuation to $62 billion.
Databricks to hit $62 billion valuation
The rapidly growing startup plans to allocate this capital toward developing new AI products, making acquisitions, and significantly expanding its international market operations, as stated in a Tuesday release. The funds will also be used to provide liquidity for current and former employees.
Thrive Capital led the funding round
The funding round was led by Thrive Capital, with contributions from Andreessen Horowitz and DST Global. Databricks also expects to surpass $3 billion in annualized revenue, highlighting its rapid growth at a time when many other software companies are facing slower expansion.
