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The round values the San Francisco-based tech firm at US$190 billion. Other investors include major financial services firms and sovereign wealth funds. (The Logic)
Talking point: Databricks sells software that clients use to manage their information and other key building blocks of AI applications and agents. Business is booming. The firm claims its revenue run rate—a measure of recent sales projected over a 12-month period—has crossed US$7 billion. One growth factor has been the spread of AI within clients’ businesses, from engineering to areas like marketing and customer support. “We are seeing, actually, less technical departments becoming the direct end user of the product,” co-founder Reynold Xin said in May at his alma mater, the University of Toronto. Teachers’ first backed Databricks at its Series I round in September 2023, when it was valued at US$43 billion. It also invested in a financing last December. The pension fund recently booked a big win from another AI investment, SpaceX, and has also backed Anthropic and Pony.ai.
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