Data analytics powerhouse Databricks has announced it has signed a term sheet for its upcoming Series K funding round, which is expected to close soon with support from existing investors. This funding round is expected to value the company at around $100 billion.
The company expects to use the new funding to accelerate its AI strategy, expanding Agent Bricks, investing in its new database offering Lakebase, and fueling global growth, according to the official release.
READ: Databricks to buy startup Neon for $1 billion to leverage AI agents (May 15, 2025)
“We’re seeing tremendous investor interest because of the momentum behind our AI products, which power the world’s largest businesses and AI services,” said Ali Ghodsi, co-founder and chief executive of Databricks. “Every company can securely turn its enterprise data into AI apps and agents to grow revenue faster, operate more efficiently, and make smarter decisions with less risk. Databricks is benefiting from an unprecedented global demand for AI apps and agents, turning companies’ data into goldmines.”
“We’re thrilled this round is already oversubscribed and to partner with strategic, long-term investors who share our vision for the future of AI,” Ghodsi added.
Databricks is a key rival to Snowflake — which had recently gained 26% in growth, piquing investor interest. According to Investor’s Business Daily, Databricks said it hit an annualized revenue of $3.7 billion in July with a growth rate of 50%. Investor interest in Databricks has been largely motivated by the company’s strong momentum in AI, as well as its growing revenue and customer base.
Databricks closed its Series J funding round earlier this year, raising a staggering $15 billion. Investors for the round included tech giant and Facebook’s parent company Meta. In May, Databricks announced it is going to buy Neon, a cloud-based database software vendor, for about $1 billion.
READ: Databricks raises valuation to $62 billion, leaves OpenAI in the dust with latest funding round (December 18, 2024)
Databricks is a unified analytics platform that combines data engineering, data science, and machine learning workflows into a single, collaborative environment. Built around Apache Spark, it allows users to process large datasets quickly and efficiently. The platform offers interactive notebooks for data exploration and analysis, supporting languages like Python, SQL, R, and Scala.
The data analytics platform also features Delta Lake, an open-source storage layer that ensures reliable data management with ACID transactions and scalable metadata handling. It’s designed to make big data and AI processes more streamlined, offering tools for data preparation, model development, and deployment. Databricks is available on major cloud providers like AWS, Azure, and Google Cloud, allowing teams to scale and collaborate seamlessly across the cloud.