Databricks raises $500 million in Series I funding

Databricks Series I funding: Data and AI company Databricks on Friday announced that it raised over $500 million in its Series I funding. With this funding, the company’s valuation has stands at $43 billion, with the price per share standing at $73.50. 

In a statement, Databricks shared that the series was led by funds and accounts advised by T Rowe Price Associates, which is joined by other existing investors, including Andreessen Horowitz, Baillie Gifford, ClearBridge Investments, funds, and accounts managed by Counterpoint Global (Morgan Stanley), Fidelity Management & Research Company, Franklin Templeton, GIC, Octahedron Capital and Tiger Global. The series also saw new investors Capital One Ventures, Ontario Teachers’ Pension Plan, and NVIDIA. 

“The commitment from long-term focused strategic and financial partners reflects Databricks’ continued momentum, the rapid customer adoption of the Databricks Lakehouse, and the success customers are seeing from moving to a unified data and AI platform,” said Ali Ghodsi, Co-Founder and CEO of Databricks. “Databricks and NVIDIA are building transformative AI technology, and we’re excited about the business value and innovation we can bring to our customers.” 

Databricks Lakehouse

Databricks Lakehouse aims to provide users with a single platform containing data, analytics, and AI, to allow consumers to govern, manage, and derive insights from enterprise data, thereby building their own generative AI solutions faster.

"Enterprise data is a goldmine for generative AI," said Jensen Huang, founder and CEO of NVIDIA. “Databricks is doing incredible work with NVIDIA technology to accelerate data processing and generative AI models.” 

“Data and AI have rapidly become the centerpiece of many business strategies. Databricks has not only pioneered the Lakehouse category… but it is now also at the forefront of Generative AI for the enterprise,” Alan Tu, Lead Private Equity Analyst, T Rowe Price Associates, said.