Databricks, an AI and data analytics startup, completed a Series K funding round. This latest investment values the company at over $100 billion. Existing investors provided the backing.
The company plans to accelerate its AI strategy with the new capital. Specifically, Databricks will invest in Agent Bricks tools for autonomous AI agents. Funds will also support its new serverless Lakebase database management system. Additionally, Databricks intends to fund AI acquisitions and expand globally.
Strategic AI Investment
This Series K round follows a Series J round seven months prior. That earlier round, combined with a $5.25 billion debt instrument, valued Databricks at $62 billion. The company raised $10 billion in that Series J round.
Databricks competes with Snowflake in AI development. Unlike its rival, Databricks has not pursued a public offering. However, Snowflake stock recently doubled amid AI enthusiasm, creating a tailwind for Databricks.
Databricks recently expanded partnerships with Microsoft and Google Cloud.
The company serves over 15,000 customers.
Annualized revenue reached $3.7 billion in July, growing 50% annually.
