Data analytics platform Databricks has raised $10 billion in a funding round that values the company at $62 billion (up from $43 billion). Backers include Thrive Capital, Andreessen Horowitz, DST Global, GIC, and Iconiq Growth.
The round is one of the largest venture rounds in history and will fuel future mergers and acquisitions, employee stock payments and international expansion, according to a statement obtained by CNBC.
Databricks' massive “Series J” comes ahead of the company's much-anticipated IPO. It was founded in 2013 by seven Ph.D. Databricks, a UC Berkeley candidate, sells AI, big data analytics, and cloud tools that enable companies to build data- and AI-powered applications.
According to CNBC, Databricks expects to generate positive free cash flow for the first time in the quarter ending Jan. 31 with a revenue run rate of $3 billion. The company's October quarter revenue increased more than 60% year-on-year.