San Francisco-based data intelligence and AI provider Databricks has raised $10 billion of expected non-dilutive financing in a Series J funding round, completing $8.6 billion to date. The new funding brings the company's valuation to $62 billion. 

Thrive Capital, Andreessen Horowitz, GIC, WCM Investment Management, Insight Partners and DST Global coled the round, with participation from existing investors Ontario Teachers' Pension Plan and new investors MGX, ICONIQ Growth, Wellington Management and Sands Capital.

WHAT IT DOES

Databricks works across multiple industries, including manufacturing, financial services, and healthcare and life sciences, with clients such as CVS Health, Cerner, Walgreens, Optum, Sanofi and AstraZeneca. 

Its Databricks Data Intelligence Platform allows companies to analyze their data using generative AI across cross-functional teams within their ecosystem. Companies can also build AI applications with their private data using natural language.

The company says the insights garnered can help improve customer engagement, operational efficiency and workforce productivity.

Databricks will use the funds to expand its international operations, drive future acquisitions and enhance its AI product pipeline. 

"We were substantially oversubscribed with this round and are super excited to bring on some of the world's most well-known investors who have a deep conviction in our vision. These are still the early days of AI. We are positioning the Databricks Data Intelligence Platform to deliver long-term value for our customers and our team is committed to helping companies across every industry build data intelligence," Ali Ghodsi, cofounder and CEO of Databricks, said in a statement. 

"We're building transformative data and AI infrastructure and excited to move aggressively in service of our customers and their success."

MARKET SNAPSHOT

The Series J round skyrocketed the company's valuation from $43 billion in 2023 to its current valuation of $62 billion. 

Databricks said that it anticipates surpassing $3 billion in revenue run rate in the fourth quarter of the year and achieving positive free cash flow.

Although the company has a massive valuation, it is not yet publicly traded, though many anticipate it to go public soon.

This year alone, Databricks expanded its operations globally, opening a new European regional hub in London and an Asia Pacific and Japan regional hub in Singapore. It also expanded its presence in Latin America and the Middle East.