Deep Tide TechFlow news, on December 18, according to Yahoo Finance, artificial intelligence company Databricks announced that it raised $10 billion in a funding round, bringing its valuation to $62 billion. Databricks co-founder and CEO Ali Ghodsi stated that the company plans to use the remaining funds to recruit top AI talent, invest in new AI products, and provide potential acquisition opportunities for startups.
This oversubscribed round was led by Thrive Capital, founded by Joshua Kushner, attracting commitments from elite investors including Andreessen Horowitz, DST Global, GIC, Insight Partners, and WCM Investment Management. Existing supporter Ontario Teachers' Pension Plan and new investors ICONIQ Growth, MGX, Sands Capital, and Wellington Management also participated in the investment.
Databricks expects to achieve positive free cash flow for the first time in the quarter ending January 31, and to surpass a $3 billion revenue run rate in January. Sources previously indicated that the company also anticipates revenue of $3.8 billion for the next fiscal year.