Databricks, the data analytics and artificial intelligence software firm, has raised more than $4 billion in a Series L funding round that values the company at $134 billion, up 34% from the $100 billion valuation it achieved just three months ago, The Wall Street Journal reported.
The round, led by Insight Partners, Fidelity Investments, and JPMorgan, comes as Databricks continues to see strong growth in its cloud-based AI and data products.
The company now reports a revenue run rate of $4.8 billion, up 55% from a year earlier, with over $1 billion coming from its AI offerings and another $1 billion from its data warehousing products. Databricks also remained cash flow positive over the past 12 months.
CEO and co-founder Ali Ghodsi said the company has no immediate plans for an initial public offering. “We are still deciding when to IPO,” he told the Journal, noting lessons learned from the “massive correction” in public markets between 2021 and 2022, when peer companies underwent large-scale layoffs.
Databricks plans to deploy the new capital to expand its AI and enterprise data capabilities, particularly through its Lakebase database for AI agents, Databricks Apps, and Agent Bricks. Lakebase, based on the open-source Postgres database, was enabled by Databricks’ $1 billion acquisition of startup Neon. The company said the investments aim to help customers build AI applications and multi-agent systems using their proprietary data.
Databricks said the simultaneous growth of vibe coding and generative AI is speeding up the development of data-intelligent applications for enterprises.