TechFlow News — On December 18, according to Yahoo Finance, AI company Databricks announced it has raised $10 billion in a funding round, bringing its valuation to $62 billion. Ali Ghodsi, co-founder and CEO of Databricks, said the company plans to use the remaining funds to hire top AI talent, invest in new AI products, and pursue potential mergers and acquisitions involving startups.
The oversubscribed round was led by Joshua Kushner’s Thrive Capital and drew commitments from an elite group of investors including Andreessen Horowitz, DST Global, GIC, Insight Partners, and WCM Investment Management. Existing backer Ontario Teachers’ Pension Plan, along with new investors ICONIQ Growth, MGX, Sands Capital, and Wellington Management, also participated in the round.
Databricks expects to achieve positive free cash flow for the first time in the quarter ending January 31, and reached a $3 billion annual revenue run rate in January. Sources previously indicated the company is on track to generate $3.8 billion in revenue for the next fiscal year.
