Databricks, the Data and AI powerhouse, has announced its groundbreaking Series J funding round, raising $10 billion in expected non-dilutive financing. With $8.6 billion already secured, this funding, led by Thrive Capital and co-led by Andreessen Horowitz, DST Global, GIC, Insight Partners, and WCM Investment Management, solidifies Databricks’ valuation at $62 billion.

Other notable participants include Ontario Teachers’ Pension Plan, ICONIQ Growth, MGX, Sands Capital, and Wellington Management.

In recent quarters, Databricks has reported over 60% year-over-year growth, driven by surging interest in artificial intelligence. This momentum has positioned the company as a leader in helping organisations harness data and AI for real-world solutions, including advancements in healthcare, climate change, and financial fraud detection.

Databricks plans to use the new capital to:

• Expand AI product offerings
• Drive international go-to-market operations in Europe, APJ, Latin America, and the Middle East
• Fund acquisitions
• Provide liquidity for employees
• Support tax-related obligations

The company is also on track to achieve positive free cash flow this quarter for the first time.

Ali Ghodsi, Co-Founder and CEO of Databricks, expressed his enthusiasm: “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.”

The Databricks Data Intelligence Platform enables organisations to democratise data and AI, providing tools to increase revenue, reduce costs, and manage risks. Built on open-source technology, the platform supports innovative solutions like early disease detection, financial fraud prevention, and climate change mitigation.

Joshua Kushner, CEO of Thrive Capital, highlighted Databricks’ impact: “Databricks, driven by its mission to democratise data and AI, has emerged as the platform of choice. We have witnessed the team’s unrelenting execution and consider it an honour to be partners with the company for the long term.”