Data and artificial intelligence solutions developing firm Databricks raises $1.6 billion in its recently held series H funding round led by Counterpoint Global. Other investors like Baillie Gifford, Clearbridge Investments, and UC Investments also participated in the funding round.
This fresh funding has increased Databricks market valuation to $38 billion. With the new funds, the company plans to further widen its lead in the rapidly booming data lakehouse market. The firm is already among the industry leaders in this field.
Chief Data Officer of AT&T, Andy Markus, said, “ We leverage Data Lakehouse in Databricks for our most granular data as well as real-time data pipelines supporting key AI/ML applications.”
He further mentioned that Databricks helps them to modernize their data ecosystem and migrate it to the cloud that helps them to provide a better customer experience. To strengthen the efforts of improving its data lakehouse, Databricks also announced that it had appointed former Salesforce employee Andy Kofoid as its new President of Global Field Operations.
The company allows its clients to build and manage their data lakehouse on popular platforms like Microsoft Azure, Google Cloud, and AWS to enable them to enjoy the benefits of every possible data and analytics workload on a single platform.
San Francisco-based artificial intelligence company Databricks was founded by Ali Ghodsi, Andy Konwinski, Ion Stoica, Scott Shenker, and Raynold Xin in the year 2013. The enterprise has a workforce of over 5000 trained employees and has raised a total funding of $3.6 billion till date.
Co-founder and CEO of Databricks, Ali Ghodsi, said while talking about the funding, “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.”
He also added that this new investment comes after a massive surge in demand for the company’s data lakehouse platform and its increased adoption rate in the industry.