Databricks Hopes to Build on AI Offerings With $15B Fundraise

Data and artificial intelligence firm Databricks now a $62 billion company.

The company achieved that valuation after closing a Series J funding round, which took in $10 billion in equity financing along with a $5.25 billion credit facility from some of the world’s largest banks, according to a Wednesday (Jan. 22) press release.

The company will invest its capital in new AI products, acquisitions and expanding international go-to-market operations, the release said. The fund will also help provide liquidity for current and former employees and pay related taxes.

The round includes the participation of QIAthe sovereign wealth fund of the State of Qatar, with new investors Temasek and entities managed by Macquarie Capitalaccording to the release. Meta joined as a strategic investor in Databricks.

“These partners are focused on the long-term success of Databricks and our rapidly growing customer base,” co-founder and CEO of Databricks. But Ghodsi the release said. “Organizations are modernizing their data and AI infrastructure because they recognize the enormous potential of generative AI. Data intelligence is critical to unlocking this potential and helping businesses achieve ot their business objectives.

Databricks first announced the so-called “substantially oversubscribed” Series J round last month, saying it aims to raise $10 billion.

“It’s still the early days of AI,” Ghodsi said in a press release on December 17. “We’ve positioned the Databricks Data Intelligence Platform to deliver long-term value for our customers, and our team is committed to helping of companies in every industry to build data intelligence.”

The company says interest in AI has fueled Databricks’ growth by up to 60% year over year in recent quarters.

In other AI-related news, Alex Hoffmanngeneral manager of North America at Edenred Paytold PYMNTS in an interview posted Wednesday about the impact generative AI it’s in the back office.

“For a long time, the industry has offered paperless payment alternatives,” including virtual cards, and real-time payments are poised to gain more traction, Hoffmann said “What GenAI is added on top of all of this so that beyond payment, we can automate the invoice-to-pay cycle.”

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