One of the tech world’s buzziest startups just got even buzzier. Cloud-based data and AI platform Databricks announced it has surpassed a $4 billion overall revenue run rate in Q2—that’s 50% YoY growth. The San Francisco-based company’s AI products recently crossed the $1 billion revenue run rate threshold, a positive sign for AI deployment in an increasingly skittish environment. The good news for its business metrics doesn’t stop there: Databricks also achieved positive free cash flow over the last 12 months.
The strong growth backdrop coincides with the company’s latest fundraising. It pulled in $1 billion in a Series K led by Andreessen Horowitz, Insight Partners, MGX, Thrive Capital, and WCM Investment Management. The company’s valuation now exceeds $100 billion, putting it in an exclusive category.
Investing in growth
It’s been around nine months since the rapidly expanding startup raised a blockbuster $10 billion in a round led by Thrive Capital. Databricks is using the fresh capital to expand its AI capabilities, specifically its Agent Bricks platform.
“With this new capital, we can move even faster with Agent Bricks, helping customers in every industry turn their data into production AI agents and carry more momentum as we create the new Lakebase category, reinventing databases for AI agents,” said CEO and co-founder Ali Ghodsi in a statement.
Going forward
In the last two quarters, Databricks has kept up its growth through new and expanded partnerships with companies like Microsoft, Google Cloud, Anthropic, SAP, and Palantir. According to the Wall Street Journal, Databricks has signed Honda Motor, Peet’s Coffee, and Princeton University as new clients this year. Databricks says over 650 of its customers pay $1 million annually for its products and services.
For the people behind the pipeline.
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