SAN FRANCISCO (AP) — Data analytics company Databricks announced Tuesday it has secured $10 billion in new funding, valuing the Nvidia-backed startup at $62 billion and intensifying speculation about a potential initial public offering.
The Series J funding round, led by Thrive Capital, Andreessen Horowitz, and Insight Partners, marks one of the largest private funding rounds in the artificial intelligence sector. The investment follows last year’s funding round that included GPU giant Nvidia as a key investor.
“These are still the early days of AI,” said Databricks CEO and co-founder Ali Ghodsi in a statement. “We were substantially oversubscribed with this round and are super excited to bring on some of the world’s most well-known investors who have a deep conviction in our vision.”
Founded in 2013, Databricks has emerged as a pioneer in cloud-based AI technology, helping organizations manage and analyze large datasets. The company reported over 60% year-over-year growth in the third quarter and recently expanded its partnership with Nvidia.
Ghodsi told The Wall Street Journal in March that the company is prepared for a public offering, saying, “We’re certainly ready as a company,” though no specific timeline was provided.
The latest funding round represents a dramatic increase in the company’s valuation from its $6.2 billion valuation in 2019, highlighting the growing investor appetite for AI technology companies.
