US-based data and AI company Databricks has raised $15.2bn through a combination of debt and equity funding.
The company has announced the completion of its $10bn Series J funding round, which brings its valuation to $62bn.
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The funding round saw participation from existing investor QIA, the sovereign wealth fund of the State of Qatar, as well as new investors such as Temasek and entities managed by Macquarie Capital.
Furthermore, Meta has come onboard as a new strategic investor.
Concurrently, Databricks finalised a $5.25bn credit facility, led by JPMorgan Chase, with support from Barclays, Citi, Goldman Sachs, and Morgan Stanley, along with contributions from other financial institutions and alternative asset managers.
The credit facility consists of a $2.5bn unfunded revolving credit line and a $2.75bn term loan.
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By GlobalDataHeadquartered in San Francisco, Databricks plans to use this capital for the development of new AI products, acquisitions, and the expansion of its international go-to-market operations.
Additionally, the funding will be used to offer liquidity to current and former employees and to cover associated taxes.
Databricks provides a platform that is said to enable organisations to leverage their data for analytics, machine learning, and AI applications.
The Databricks Data Intelligence Platform, which is built on an open foundation, is used for a range of applications, such as early disease detection, developing solutions for climate change, and detecting financial fraud.
Databricks co-founder and CEO Ali Ghodsi said: “Organisations are modernising their data and AI infrastructure because they recognise the immense potential of generative AI. Data intelligence is critical to both unlocking this potential and to helping enterprises reach their business goals.”
QIA CEO Mohammed Saif Al-Sowaidi said: “We are excited to deepen our commitment to Databricks through this follow-on investment, underscoring our strong conviction in the company’s leadership and strategic positioning.
“At QIA, we are expanding our exposure across the AI ecosystem and believe Databricks has become the leading platform within the AI infrastructure software space.”
In October 2024, Databricks further expanded its partnership with Amazon Web Services to accelerate the development of generative AI technologies.
