Databricks to raise Series K funding at $100B valuation

Data and AI firm Databricks is set to raise a new round at a valuation topping $100 billion, after signing a term sheet for its Series K funding. The data and AI company, in a statement on Tuesda,y said the round is expected to close soon with participation from existing investors.

The fresh capital will primarily be utilised to fuel its AI strategy, expansion of its Agent Bricks platform, and global growth initiatives.

“We’re seeing tremendous investor interest because of the momentum behind our AI products, which power the world's largest businesses and AI services,” said Ali Ghodsi, co-founder and CEO of Databricks. 

“Every company can securely turn its enterprise data into AI apps and agents to grow revenue faster, operate more efficiently, and make smarter decisions with less risk. Databricks is benefiting from an unprecedented global demand for AI apps and agents, turning companies’ data into goldmines. We’re thrilled this round is already over-subscribed and to partner with strategic, long-term investors who share our vision for the future of AI,” he added. 

The company, in a statement, also stated that the funding will support future acquisitions in the AI space and help advance its AI research efforts.

Late last year, Databricks raised $10 billion in a Series J round, which valued the company at $62 billion. The round was led by Thrive Capital, with co-leaders Andreessen Horowitz, DST Global, GIC, Insight Partners, and WCM Investment Management.

The latest investment nearly doubles its valuation in less than a year.

At its June Data + AI Summit, the company introduced Agent Bricks, a tool designed to build high-quality and production-ready AI agents for enterprises. 

The company counts over 15,000 global organisations as its clientele, including Block, Comcast, Condé Nast, Rivian, Shell and over 60% of the Fortune 500 companies.