Databricks raises $5B more after annualized revenue tops $7B
Databricks Inc. today announced that it has raised $5 billion in funding at a $190 billion valuation.
The round was led by Coatue, Blackstone, MGX, T. Rowe Price and Sixth Street Growth. The funds were joined by more than a half-dozen other backers, most of which are returning investors.
The raise follows a quarter in which Databricks’ annualized recurring revenue jumped more than 80% year-over-year to north of $7 billion. More than a fifth of the sum, or $1.5 billion, came from the company’s year-old Lakehouse service. It’s a managed version of the open-source PostgreSQL relational database.
Lakehouse extends the upstream project with an autoscaling mechanism and data protection features. Additionally, it includes a so-called branching capability. The technology enables developers to create copies of a production database without incurring downtime. Database replicas can be used to test configuration changes and build new applications.
