US-based data and AI analytics company Databricks has secured $10bn in a Series J equity financing round, which values the company at $62bn.
Existing investor QIA, Qatar’s sovereign wealth fund, and new investors Temasek and entities administered by Macquarie Capital participated in the funding round.
US-based technology giant Meta has joined as a new strategic investor.
QIA CEO Mohammed Saif Al-Sowaidi said: “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.”
In addition to equity financing, Databricks has closed a $5.25bn credit facility led by JPMorgan Chase, Barclays, Citi, Goldman Sachs, and Morgan Stanley, among others.
The credit facility includes a $2.5bn unfunded revolver and a $2.75bn term loan.
Databricks plans to invest the funds to support its new AI products, acquisitions, and expansion of its international go-to-market operations.
The data analytics company is also expected to use the financing to provide liquidity for current and previous employees and pay related taxes.
Databricks co-founder and CEO Ali Ghodsi said: “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.
“Organisations are modernising their data and AI infrastructure because they recognise the immense potential of generative AI. Data intelligence is critical to both unlocking this potential and to helping enterprises reach their business goals.”
In a separate development, Databricks has partnered with Harbr Data, to combine its Data Intelligence Platform with Harbr’s expertise in data products, marketplaces, and governance.
The integrated solution would enable the processing and analysis of large volumes of data at scale and govern the access and use of data and insights across organisations.
Also, the integration would allow the two organisations to easily manage the entire data lifecycle while maintaining robust end-to-end governance.
Harbr Data co-founder Anthony Cosgrove said: “This partnership represents a significant step forward in democratising data access at scale without compromising security and governance.
“By partnering with Databricks, organisations can now realise the full potential of data and AI across technologies, teams, and organisations while maintaining complete control.”
