Databricks, the Data & AI company, announced a $1.6 billion round of funding to speed up innovation and adoption of the data lakehouse as the data architecture’s popularity grows rapidly across data-driven organizations.
Counterpoint Global (Morgan Stanley) led the Series H funding to put Databricks’ valuation at $38 billion post-money. Counterpoint Global was joined by ClearBridge Investments, Baillie Gifford, UC Investments (Office of the Chief Investment Officer of the Regents of the University of California). Existing investors in the round included BlackRock, Coatue Management, Andreessen Horowitz, GIC, Fidelity Management & Research, Canada Pension Plan Investment Board Greenoaks, Tiger Global Management, and more.
Also read: Databricks sees open-source as the way to innovate in data science
Bringing the lakehouse to the world
Databricks aims to accelerate lakehouse adoption across the globe. To that end, it announced the appointment of Andy Kofoid, a former Salesforce executive, to be President of Global Field Operations.
As the world’s first lakehouse platform in the cloud, Databricks pioneered the open and unified architecture for data and AI to bring reliability, governance, and performance of a data warehouse directly to the data lakes that most organizations already store all data they collect in.
Rather than moving the data with constraints along the way, Databricks customers can build lakehouses on major clouds to support data and analytics on one platform.
It is already taking off
Because of how it works, Databricks allows users to bypass the complexities that come with having to move data to derive value out of it. Today, hundreds of organizations across the globe use the Databricks Lakehouse platform.
With this new round, the total funding received by Databricks reaches almost $3.6 billion and will be used to accelerate the company’s edge in the rapidly growing data lakehouse market.
Open standards, cloud adoption, and machine learning apps are continually driving the growth, which prompted the company to invest in innovations to make AI more accessible across all major public clouds.