Data management company Databricks has raised a colossal $1.6bn in funding, upping its valuation to an eyewatering $38bn.
The Series H was led by Counterpoint Global, with contributions also coming Baillie Gifford, ClearBridge Investments and UC Investments.
Contributions also came from existing Databricks investors Andreessen Horowitz funds and accounts managed by BlackRock, Canada Pension Plan Investment Board, Coatue Management, Fidelity Management & Research, Franklin Templeton, GIC, Greenoaks, Octahedron Capital, funds and accounts managed by T. Rowe Price Associates, Tiger Global Management and Whale Rock Capital Management.
The company hopes the funding will accelerate the innovation and adoption of its data lakehouse solution, which aims to streamline and simplify data management. As part of its growth effort, the company has named former Salesforce executive Andy Kofoid as its new president of global field operations.
Databricks claims to be the world’s first lakehouse platform in the cloud. Its platform offers open and unified architecture for data and AI, which is claims brings the strong governance and performance of a data warehouse directly to the data lakes.
Instead of having to move data out of data lake and between carious disconnected and legacy systems for different use cases, Databricks helps customers complete their data and analytics workloads from a single platform.
UC Investment chief investment officer Jagdeep Singh Bachher said, “Databricks is an outstanding example of the innovation and pioneering spirit that flourishes throughout the University of California system and we are excited to support the next phase of a meteoric journey that first sparked at Berkeley.
“This investment is a testament to the extraordinary opportunity we see for Databricks to shape the future of data and AI with the creation of the data lakehouse category. We look forward to partnering with the Databricks team to enable tens of thousands of future UC students to be the next generation of innovators.”
With the close of the round, the FinTech company has raised a total of $3.6bn in funding to date.
Copyright © 2018 RegTech Analyst