Databricks Hits $188 Billion Valuation, Making It AI's Favourite Second Act

Databricks on Thursday announced a new round of funding that values the company at $188 billion. The round was led by Coatue.

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While it's unusual for a company to announce before it gets the money, a VC tells TechCrunch that the deal is solid, with so many firms wanting in that the company had no reason to keep its shiny new valuation a secret.

The announcement came as a surprise to many, given that the company didn't disclose the exact amount it raised. Databricks said the money isn't in its hands yet and that the round will close later in this summer.

Other outlets have since reported that the raise is roughly $3 billion. This funding round brings the company's valuation to a staggering $188 billion, making it one of the world's leading AI companies.

Databricks, founded in 2013, has been gaining traction in the AI space with its cloud-based platform that allows users to easily build, deploy, and manage AI models. The company has also been making significant investments in AI research and development, with a focus on areas like natural language processing and computer vision.

The company's AI platform is used by many leading organizations, including those in finance, healthcare, and education. With its latest funding round, Databricks is poised to continue its growth and innovation in the AI space.

'The demand for Databricks' platform is incredibly strong,' said a VC who spoke to TechCrunch. The company has no reason to keep its valuation under wraps; it's a matter of when, not if.'

Databricks' success can be attributed to its focus on AI research and development, as well as its cloud-based platform that allows users to easily build, deploy, and manage AI models. The company's growth has been rapid, with the number of users increasing exponentially over the past few years.

The company has also been making significant investments in AI research and development, with a focus on areas like natural language processing and computer vision. This focus has paid off, with Databricks' platform being used by many leading organizations in various industries.

Databricks' success has also been driven by its strong team, with many experienced professionals in AI and data science. The company has also been recognized for its innovative approach to AI, with several awards and recognition from leading organizations.