By
Godfrey Benjamin
April 26th, 2024
Databricks has seen interest from some of the big tech giants as its Apache Spark implementation allows users to store different kinds of data in massive quantities.
On Monday, February 1, data and AI company Databricks announced a $1 billion fresh capital infusion in its Series G funding round. The funding led by Franklin Templeton shoots Databricks valuations to $28 billion. Databricks provides a unified data platform and specializes in processing large sets of data.
Databricks has attracted capital from some of the top tech giants like Amazon, Alphabet, and Salesforce. Microsoft, which previously invested in Databricks has also participated in the Series-G round. Some of the other big names participating in this funding include Andreessen Horowitz, Alkeon Capital Management, BlackRock, Coatue Management, and Tiger Global Management. Ali Ghodsi, CEO and Co-Founder of Databricks said:
“We see this investment and our continued rapid growth as further validation of our vision for a simple, open and unified data platform that can support all data-driven use cases, from BI to AI. Built on a modern lakehouse architecture in the cloud, Databricks helps organizations eliminate the cost and complexity that is inherent in legacy data architectures so that data teams can collaborate and innovate faster. This lakehouse paradigm is what’s fueling our growth, and it’s great to see how excited our investors are to be a part of it.”
Fueled by Fresh Capital Databricks Is Driving Growth with Apache Spark
Tech giants who are also the top US cloud service providers have recognized Databricks as a big opportunity similar to Snowflake. Databricks recipe for success and growth is helping companies implement the version of Apache Spark. This is an alternative to Hadoop technology that allows users to store different kinds of data in massive quantities.
Besides, the company also helps users to clean up data for exploration in data visualization software like Tableau. The Databricks software offers a simple alternative to run such sort of software without worrying about configurations and updates. Speaking about their recent investments, Jonathan Curtis, Senior Vice President, Research Analyst and Portfolio Manager, Franklin Templeton said:
“Franklin Templeton is excited to work with Databricks as they enter this next stage of their impressive journey. We’ve seen first hand their ability to help enterprises leverage data to better understand customer journeys, operationalize business processes and, ultimately, build competitive advantage rooted in data. We believe they have a strong, accomplished team and visionary platform, and believe that the future for Databricks is bright, with a clear leadership position and open-ended growth opportunity”.
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