The global data and artificial intelligence (AI) firm Databricks announced the Series J funding’s final closing on Wednesday.
The funding round, which values the company at $62 billion, involved new investors Temasek and entities managed by Macquarie Capital in addition to existing investor QIA, the sovereign wealth fund of the State of Qatar, according to a statement from Databricks.
Furthermore, Meta is now a new strategic investor.
Databricks intends to use this money for acquisitions, the development of new AI products, and the growth of its global go-to-market business.
Additionally, it is anticipated that this capital will be utilized to pay associated taxes and provide liquidity for both current and former employees.
Databricks closed a $5.25 billion credit facility led by JPMorgan Chase, along with Barclays, Citi, Goldman Sachs, and Morgan Stanley, with participation from other top financial institutions and alternative asset managers. This was in addition to raising the $10 billion equity financing from some of the most well-known investors.
The credit facility consists of a $2.75 billion term loan and an unfunded revolver worth $2.5 billion.
“We received overwhelming interest in this round from both new and existing investors and strategic partners who believe in our vision and market impact,
“These partners are focused on the long-term success of Databricks and our rapidly growing customer base,” said Ali Ghodsi, Co-Founder and Chief Executive Officer of Databricks.
“Organizations are modernizing their data and AI infrastructure because they recognize the immense potential of generative AI,
“Data intelligence is critical to both unlocking this potential and to helping enterprises reach their business goals,” he added.
Organizations can more easily leverage their data for analytics, machine learning, and AI applications thanks to the Databricks Data Intelligence Platform, which democratizes access to data and AI.
The platform, which was developed on an open-source basis, helps businesses to spur innovation in order to boost profits, cut expenses, and minimize risk.
Customers use the Data Intelligence Platform to detect financial fraud, develop pharmaceuticals more quickly, find and treat diseases and cancer earlier, discover new ways to fight climate change, shorten the time it takes to intervene in mental health issues, lessen local financial inequality, and much more.
“We are excited to deepen our commitment to Databricks through this follow-on investment, underscoring our strong conviction in the company’s leadership and strategic positioning,
“At QIA, we are expanding our exposure across the AI ecosystem and believe Databricks has become the leading platform within the AI infrastructure software space,” said Mohammed Saif Al-Sowaidi, Chief Executive Officer of QIA.
