Databricks Raises $1 Billion in Pre-IPO Funding at $28B Valuation

Databricks Raises $1 Billion in Pre-IPO Funding at $28B Valuation

Source: Databricks

Databricks has raised $1 billion in Series G funding in response to the rapid adoption of its unified data platform,  according to a press release. The capital injection, which follows a raise of $400 million in October 2019, puts Databticks at a $28 billion valuation. The round was led by new investor Franklin Templeton with inclusion from Amazon Web Services, CapitalG and Salesforce Ventures. The funding will enable Databricks to move ahead with additional product innovations and scale support for the lakehouse data architecture.

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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 model training and deployment. It is also available as a fully managed service on Microsoft Azure and Amazon Web Services.

In a media statement, Databricks co-founder and CEO Ali Ghodsi said “We see this investment and our continued rapid growth as further validation of our vision for a simple, open and unified data platform that can support all data-driven use cases, from BI to AI. Built on a modern lakehouse architecture in the cloud, Databricks helps organizations eliminate the cost and complexity that is inherent in legacy data architectures so that data teams can collaborate and innovate faster. This lakehouse paradigm is what’s fueling our growth, and it’s great to see how excited our investors are to be a part of it.”

2020 was a major year for Databricks from a number of perspectives. The company unveiled Databricks Ingest and its Lakehouse Partner integrations in February, launched new security and machine learning automation tools in March, and released a high-performance query engine for cloud data lakes in June. Databricks capped it all off with its cloud data warehouse SQL Analytics announcement in November.

Learn more about Databricks by watching Introduction to Databricks Unified Data Platform on YouTube.

Timothy King
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