Databricks secures $400 Million from its Series F funding round

Databricks is one of the leading Unified Data Analytics companies that helps firms to organize their data for analytics, implement data-driven decisions and empower data science. It has a rich portfolio of global customers that include Shell, Comcast, Expedia, Regeneron and HP.

Recently, the company announced that it has raised $400 million from its Series F investment round which was led by Andreessen Horowitz’s Late Stage Venture Fund. Apparently, the investment round was intended to accelerate Databricks innovation and business reach across the globe, and to further bring its valuation around $6.2 billion.

As per sources close to the funding round, there was active participation from major investors such as T. Rowe Price Associates, Inc., Tiger Global Management and BlackRock, Inc. Additionally, the investment is said to play an essential role in powering Databricks’ rapid customer adoption and market-leading growth.

Reportedly, the analytic firm has doubled its annual recurring revenue (ARR) over the past years, taking it from almost zero to a $200 million revenue run rate within four years.

Speaking on the development, Ali Ghodsi, Co-Founder and CEO, Databricks, said that various organizations are now dependent on the company’s Unified Data Analytics Platform to resolve their hardest challenges.

Ghodsi claims that the company’s previous investment on machine learning, data processing, open-source as well as its shift to cloud are now paying out, as their firm experiences rapidly growing global customer demand. Due to this, Databricks has now become one of the fastest scaling enterprise software cloud firms in the world.

Amidst this Series F announcement, Databricks has also revealed its first-ever CFO. Reportedly, the company announced that David Conte will join it as its first finance chief. Speaking on which, Ghodsi said that the company is honored to have Dave as its CFO and is looking forward to working with him as he brings in his immense experience and knowledge to the table.

Source Credit: https://databricks.com/company/newsroom/press-releases/databricks-growth-draws-400-million-series-f-investment-and-6-2-billion-valuation