Earlier this week, Databricks announced that they were raising a new vision fund, which will be worth $170 million. According to the company, the fund will be used to “create a new generation of enterprise technology companies”. It’s clear that Databricks has a lot of ideas that can be turned into profitable businesses.
Earlier this month, Databricks announced that it had closed a Series H round of funding. The company secured a $1.6 billion round at a $38 billion valuation. In the round, existing investors including Andreessen Horowitz, ClearBridge Investments, and Morgan Stanley participated. Databricks will use the funds to continue its growth in the data lakehouse space, increase its portfolio of industry solutions, and support customer adoption.
Databricks has been building its data lakehouse platform on Google Cloud and AWS. The company now serves over seven thousand organizations around the world. The company says it is on track to reach $800 million in revenue in 2021, and it is projected to reach $1 billion in revenue by 2022.
Databricks’ ‘lakehouse’ architecture unifies data analytics. The company wants to become the data architecture of choice for virtually every business. It offers a unified analytics platform, which includes data processing and machine learning capabilities. It also offers an open source big data platform.
Databricks is backed by some of the world’s leading enterprises, including Amazon, Microsoft, and Google. Its products have been used by 40% of the Fortune 500. Its annual recurring revenue is currently around $600 million. Databricks plans to increase its workforce by close to 3,000 people by the end of the year, which will allow the company to keep its growth momentum.
Founded in 2007 by the original architects of Apache Spark, Databricks has grown to become one of the most well rounded companies in the data warehousing space. The company is on a mission to help data teams solve the world’s most difficult problems. Its most recent announcement includes the tame addition of Andy Kofoed, who will helm the global field operations. Databricks’ most recent funding round, meanwhile, saw an increase in annual recurring revenue (ARR) from $425 million in 2020 to more than $600 million in fiscal year 2019. Databricks has offices in more than 30 countries and boasts more than a few data-heavy behemoths in the making.
The company also unveiled a new executive vice president 13mhatmakertechcrunch and chief of business operations, and a new CFO, in the form of Jeremy Lemkes. Lemkes, who also joined the company in the same role last year, will be in charge of a newly minted $300 million dollar investment fund, bringing the company’s total raised to more than $4.5 billion. In addition to the funding, the company is announcing a series of product launches and partnerships with cloud providers and other industry partners, a notable one being the Databricks Stack, a data management platform for enterprise clouds. The company is also making a major play in the machine learning space.
Founded by the creators of Apache Spark ™, Databricks delivers an impressive suite of functionalities to data science teams. Its mission is to unify business and data science, enabling organizations to accelerate innovation. Powered by Apache Spark, the company’s Unified Analytics Platform simplifies the real-time exploration of data and reduces operational complexity. It is used by more than 400 customers, including HP, Shell, Viacom, and GE. Databricks also offers global support for its Spark-based cloud platform.
In addition to its cloud offerings, Databricks has also introduced the Databricks for Startups program. This program provides expert advice and free credits. It also offers a glimpse into Databricks’s marketing and go-to-market strategy. In addition, the company’s data viz, the lakehouse, is used by more than 5,000 organizations. The company’s unified analytics platform is a boon to organizations looking to do data science on massive data sets.
Databricks’s vision fund is the company’s first venture fund, and the investment will enable the company to grow in three key areas: Artificial Intelligence, Data Science and the cloud. It will also help build long-term relationships and deliver best-in-class product experiences. Its VC arm, Databricks Ventures, will make the most of its early- and late-stage investment to identify and nurture the next wave of data science and AI startups.
