Databricks Secures $10 Billion in Funding, Meta Joins as Investor
New York, USA - Databricks, a leading data analytics startup, announced a $10 billion Series J funding round, with Meta Platforms (META) joining as an investor. The round brings Databricks' valuation to $62 billion.
Accompanying the funding, the company secured a $5.25 billion credit facility led by JPMorgan Chase and other major banks.
Founded in 2013, Databricks provides a platform that empowers users to ingest, analyze, and build AI applications using complex data from multiple sources.
The funding follows the success of OpenAI's ChatGPT, which has sparked increased interest in AI technology adoption. Meta has invested heavily in developing large language models (LLMs) like ChatGPT.
Databricks collaborates with Meta's Llama team, an open-source LLM developed by Facebook parent.
"Thousands of customers utilize Llama on Databricks," said Databricks CEO Ali Ghodsi. "Deepening this partnership through Meta's investment made logical sense."
Over 10,000 organizations, including Comcast, Block, Rivian, and Shell, rely on Databricks' Data Intelligence Platform for data management and analytics for AI applications.