Data analytics platform Databricks has confirmed it has closed on its previously announced $10 billion Series J funding at a valuation of $62 billion.
According to a press release, the San Francisco-based firm also receives funding from “major financial institutions and alternative asset managers,” including JPMorgan Chase, Barclays, Citi, Goldman Sachs, Morgan Stanley, and more. It said it added $5.25 billion in debt financing.
Founded in 2013, the company uses Databricks to pool and analyze vast amounts of data from disparate systems and glean insights. For example, a retailer may want to combine different datasets to understand which products sell best and at what time of year to predict inventory. requirements.
Additionally, data is critical to the burgeoning AI revolution, and Databricks serves as an integrated platform for preparing data for building and deploying machine learning models.
The company has now raised about $19 billion in funding in its 12-year history, with its Series J round first announced in December when it raised $8.6 billion of its $10 billion goal, and numerous welcomed a number of prominent new and existing investors. Indeed, in addition to Temasek and Qatar’s sovereign wealth fan QIA, Facebook’s parent company Meta also participated as a “strategic investor.” Corporate investment in AI-enabled companies has become something of a trend, with Meta also participating in a $1 billion investment in data label startup Scale AI last year.
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