Databricks, the Data and AI company, announced it received $1.6 Billion in a new round of funding to accelerate innovation and adoption of the data lakehouse.
Driven by open standards, cloud adoption and the continued rise of machine learning applications, the company intends to build on its lead by investing in innovations that further simplify AI, preserve choice and flexibility across all major public clouds, and establish the lakehouse as a modern replacement to the legacy data warehouse.
The Series H funding, led by Counterpoint Global (Morgan Stanley), puts Databricks at a $38 billion post-money valuation.
Counterpoint Global is joined by other new investors including Baillie Gifford, ClearBridge Investments and UC Investments (Office of the Chief Investment Officer of the Regents of the University of California).
Existing investors participating in the round include Andreessen Horowitz, funds and accounts managed by BlackRock, Canada Pension Plan Investment Board (CPP Investments), Coatue Management, Fidelity Management & Research, Franklin Templeton, GIC, Greenoaks, Octahedron Capital, funds and accounts managed by T. Rowe Price Associates, Inc., Tiger Global Management and Whale Rock Capital Management.
As further commitment to accelerate lakehouse adoption globally, Databricks also announced the appointment of former Salesforce executive, Andy Kofoid, as President of Global Field Operations.
Rather than being forced to move data out of the data lake, and between various disconnected and legacy systems for different use cases, Databricks customers are building lakehouses on AWS, Microsoft Azure and Google Cloud to support every data and analytics workload on a single platform.
As a result, they're able to avoid architectural complexity, significantly reduce infrastructure costs, increase data team productivity, and innovate faster, according to the vendor.
"This new investment is a reflection of the rapid adoption and incredible customer demand we're seeing for the Databricks Lakehouse Platform and underscores the industry and investor confidence in our vision—that lakehouse is the data architecture of the future," said Ali Ghodsi, co-founder and CEO of Databricks. "This marks a thrilling new chapter that will allow us to accelerate our pace of innovation and further invest in the success of data-driven organizations on their journey to the lakehouse."
Other existing and new Investors that participated in this funding round include: Alta Park Capital, a suite of BNY Mellon funds, Discovery Capital, Dragoneer Investment Group, Flucas Ventures, Gaingels, Geodesic, Green Bay Ventures, the House Fund, Insight Partners, and New Enterprise Associates.
For more information about this news, visit https://databricks.com/.