Aug 13 ( ) - Databricks said on Thursday it had raised $5 billion at a $190 billion valuation, as the data and artificial intelligence software company looks to expand investments in products that help businesses build and manage AI applications. The funding comes six months after Databricks was valued at about $134 billion in a previous round, as investor demand for companies tied to the AI boom remains strong. The latest round was led by existing investors Coatue, Blackstone, MGX and accounts advised by T.
Rowe Price, along with new investor Sixth Street Growth. Databricks also said it had surpassed a $7 billion annualized revenue run-rate and posted more than 80% year-over-year revenue growth in the second quarter. The company said it remained cash-flow positive on an adjusted basis over the last 12 months.
Founded in 2013, Databricks provides software that helps companies store, manage and analyze data, as well as develop AI applications. The company competes with Snowflake and is widely viewed as a candidate for a future stock market listing. The San Francisco-based company said it would use the proceeds to invest in products, including its Lakebase database, Genie AI assistant and Unity AI Gateway platform.
Its Lakebase product has exceeded a $100 million revenue run-rate, while its Lakehouse data warehousing business surpassed a $1.5 billion revenue run-rate, the company said. (Reporting by Rashika Singh in Bengaluru; Editing by Vijay Kishore)
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