The co-founders of San Francisco-based company, Databricks once predicted that data would become the new oil. And after announcing that it's raised $400 million in Series F funding, the cloud data platform now has a valuation of $6.2 billion.
The round was led by Andreessen Horowitz’s Late Stage Venture Fund. Horowitz was joined by major new investors including funds and accounts managed by BlackRock, Inc., fT. Rowe Price Associates, Inc. and Tiger Global Management, Alkeon Capital Management, Coatue Management, Dragoneer Investment Group, Geodesic, Green Bay Ventures, Microsoft Corporation and New Enterprise Associates (NEA).
“Databricks' net revenue retention is astounding,” said David George, a general partner at Andreessen Horowitz. “Why? Because customers love the product. Beyond that, they've followed up their breakthrough Spark technology with an amazing series of open source innovations including Delta Lake, MLflow, and Koalas.”
While reports speculate that the company is aiming for an IPO, CEO Ali Ghodsi was rather coy about when it would happen. “We are one of the fastest growing cloud enterprise software companies on record, which means we have a lot of access to capital as this fundraise shows. The revenue is growing gangbusters, and the brand is also really well known. So an IPO is not something that we’re optimizing for, but it’s something that’s definitely going to happen down the line in the not-too-distant future,” he told TechCrunch.
Founded by the original team behind the Apache Spark big data analytics engine back in 2013, Andy Konwinski, Ion Stoica, Matei Zaharia, Patrick Wendell, Reynold Xin, and Scott Shenker, have had no problem attracting customers to Databricks.
As the leader in Unified Data Analytics, the company assists organizations in making all their data ready for analytics, empower data-driven decisions across the organization, while rapidly adopting machine learning to stay ahead of their competitors. Databricks’ customer base boasts heavyweights including Comcast, Shell, Expedia, and Regeneron.
The company will use the investment to continue powering its market-leading growth and rapid customer adoption, accelerating innovation and scale across the globe.
Since their mammoth Series F funding brings the total raised to almost a $900 million.