Data and AI startup Databricks raises $1 Billion in funding

Databricks has secured a $1 Billion in Series G funding round. The funding has valued Databricks at $28 billion.

To date, the company has raised around $1.9 billion in funding in seven funding rounds including the latest round, according to CrunchBase.

Franklin Templeton led the latest funding round. Other participating investors include Canada Pension Plan Investment Board, Fidelity Management & Research LLC, and Whale Rock. Other strategic investors include Amazon Web Services (AWS), CapitalG and Salesforce Ventures. 

CEO and Co-Founder of Databricks, Ali Ghodsi, said, "We see this investment and our continued rapid growth as further validation of our vision for a simple, open and unified data platform that can support all data-driven use cases, from BI to AI,. Built on a modern lakehouse architecture in the cloud, Databricks helps organizations eliminate the cost and complexity that is inherent in legacy data architectures so that data teams can collaborate and innovate faster. This lakehouse paradigm is what’s fueling our growth, and it’s great to see how excited our investors are to be a part of it."

Senior Vice President, Research Analyst and Portfolio Manager, Franklin Templeton, Jonathan Curtis,  said, "Franklin Templeton is excited to work with Databricks as they enter this next stage of their impressive journey. We’ve seen first hand their ability to help enterprises leverage data to better understand customer journeys, operationalize business processes and, ultimately, build competitive advantage rooted in data. We believe they have a strong, accomplished team and visionary platform, and believe that the future for Databricks is bright, with a clear leadership position and open-ended growth opportunity."

Existing investors also participated in the latest funding round including Microsoft, Andreessen Horowitz, Alkeon Capital Management, funds and accounts managed by BlackRock, Coatue Management, funds and accounts advised by T. Rowe Price Associates, Inc., and Tiger Global Management.

The newly raised funds will help the company to accelerate product innovation. It will also allow Databrick to scale and support the rapid adoption of the lakehouse data architecture, notes the announcement.