Databricks Nabs a Cool Quarter-Billion in New Venture Capital

Databricks Nabs a Cool Quarter-Billion in New Venture Capital

Source: Databricks

San Francisco-based Databricks announced today that it has raised a whopping $250 million in Series E venture capital. Led by Andreessen Horowitz, the funding brings the company’s total raised to $497 million since its founding in 2013. Databricks touts more than 2,000 customers across the globe, and features names such as Nielsen, Overstock, Shell and HP. The Databricks platform saw increased deployment in 2018 as a result of a first-party integrated Microsoft Azure Service called Azure Databricks.

Databricks offers a unified analytics platform that allows users to prepare and clean data at scale and continuously train and deploy machine learning models for AI applications. The product handles all analytic deployments, ranging from ETL to models training and deployment. It is also available as a fully managed service on Microsoft Azure and Amazon Web Services.

In a statement to the media, the company’s co-founder and CEO Ali Ghodsi said: “Databricks has gone from almost no revenue to over $100 million in annual recurring revenue in just three years, putting us among the fastest growing enterprise software companies. What’s driving this incredible growth is the market’s massive appetite for Unified Analytics. Organizations need to achieve success with their AI initiatives and this requires a Unified Analytics Platform that bridges the divide between big data and machine learning.”

Databricks has received a number of industry accolades in recent months, including a spot in analyst house Gartner, Inc.’s 2019 Magic Quadrant for Data Science and Machine Learning Platforms. Gartner and its reference customers ranked Databricks highly for its end-to-end analytics lifecycle and support and accessibility for a variety of data science use cases. The company was also ranked a fastest growing company in North America on Deloitte’s 2018 Technology Fast 500.

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