Data software company Databricks is planning to raise capital through a Series K funding round that will place its valuation at more than $100 billion, as per an official press release. The money raised will be funneled into new growth strategies that primarily involve artificial intelligence.
The update in funding comes as multiple tech firms, such as Google, Microsoft, Apple, and others, are gearing up for an AI revolution that may drastically change the way consumers interact with their products.
“We’re seeing tremendous investor interest because of the momentum behind our AI products, which power the world’s largest businesses and AI services,” said Databricks CEO Ali Ghodsi, who was one of the co-founders at the time of the firm’s creation in 2013.
For more than 10 years, Databricks has been providing solutions to help firms manage large amounts of data. The rise to prominence of machine learning and artificial intelligence has positioned the company to expand its offerings into emerging sectors closely related to its own core business model
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“Every company can securely turn its enterprise data into AI apps and agents to grow revenue faster, operate more efficiently, and make smarter decisions with less risk. Databricks is benefiting from an unprecedented global demand for AI apps and agents, turning companies’ data into goldmines. We’re thrilled this round is already over-subscribed and to partner with strategic, long-term investors who share our vision for the future of AI.” Ghodsi added.