Databricks closed a $1B funding round, which has valued the cloud-based data analytics company at more than $100B.
Databricks, whose competitors include data cloud platforms such as Snowflake (NYSE:SNOW), said the Series K investment round was co-led by Andreessen Horowitz, Insight Partners, MGX, Thrive Capital, and WCM Investment Management.
The company said it will use the new capital to accelerate its AI strategy — expanding Agent Bricks, a new product which builds high-quality, production AI agents optimized on your enterprise data.
The company also intends to use the funds for launching Lakebase, a new category of operational databases, or OLTP, built on open source Postgres, and optimized for AI agents.
The investment will also support future AI acquisitions and deepen AI research, according to the company.
“With this new capital, we can move even faster with Agent Bricks, helping customers in every industry turn their data into production AI agents, and carry more momentum as we create the new Lakebase category, reinventing databases for AI agents,” said Databricks’ Co-Founder and CEO Ali Ghodsi.
In addition, Databricks said it crossed a $4B revenue run-rate during the second quarter, growing more than 50% year over year. The company added that its AI products recently crossed a $1B revenue run-rate.
Databricks noted that in the last two quarters, it has launched or expanded partnerships with Microsoft (MSFT), Alphabet’s (GOOG) (GOOGL) Google Cloud, Anthropic, SAP (SAP) and Palantir (PLTR).
In December 2024, Databricks said it was raising $10B through Series J funding, which valued the company at about $62B.