Databricks, the artificial intelligence (AI) startup —that helps organisations get rid of the costs and complexities associated with legacy data architectures to facilitate better data team collaboration and faster innovation — has raised more capital in a fresh funding round at a valuation of $28 billion.
The recent funding round was led by the investment firm Franklin Templeton. In addition to its existing investors, Andreessen Horowitz and Alkeon Capital Management, this time, Amazon, Google, Microsoft, Salesforce, Canada Pension Plan Investment Board, as well as Fidelity Management & Research LLC and Whale Rock were the new investors.
Founded by the creators of Apache Spark, Databricks has its headquartered in San Francisco, and offices worldwide. The startup has about 5,000 customers, 40 per cent of which are Fortune 500 companies, that utilise its service in data engineering. The software offered by Databricks helps organisations crunch huge amounts of data, process the same fast and prepare it for analysis. It can assist organisations in cleaning data for exploration in data visualisation software, without bothering about any need for configuration or updation.
Using this freshly infused capital, Databricks will be able to expand its “lakehouse” architecture, which obtains data from various sources for better analytics.
Of late, there has been increased interest among investors in cloud-computing startups.