Databricks Nabs Another $400 Million with Series F Funding Round
Databricks has announced that it raised a whopping $400 million in Series F funding, according to a press release. With inclusion from new and existing investors, the capital brings the company’s total earned to $897 million since its founding in 2013. The round will enable Databricks to invest in its European Development Center in Amsterdam and build dedicated engineering teams to enhance its Delta Lake, MLflow, and Koalas technologies.
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.
Databricks was founded by the original creators of popular open source projects like Apache Spark. The company has grown its annual recurring revenue more than two-and-a-half times over the last calendar year, and has gone from not profitable to a $200 million revenue run rate in the last four years. The funding round puts Databricks’ valuation at $6.2 billion.
In a press statement, Databricks co-founder and CEO Ali Ghodsi said: “Our bets on massive data processing, machine learning, open source and the shift to the cloud are all playing out in the market and resulting in enormous and rapidly growing global customer demand. As a result, Databricks is among the fastest growing enterprise software cloud companies on record.
This is Databricks’ second funding round of 2019. Its first came back in February when the San Francisco-based data analytics firm nabbed $250 million in Series E. Databricks touts more than 2,000 customers across the globe, and features names such as Nielsen, Overstock, Shell and HP.