Databricks Closes $1B Series K Funding Round, Exceeds $100B Market Cap

The data and AI platform giant disclosed that it surpassed a $4 billion annual revenue run rate in its second quarter and has achieved positive free cash flow over the last 12 months.

Databricks has closed a $1 billion Series K funding round that puts the fast-growing data management and AI platform company’s market capitalization at more than $100 billion, the company said Monday.

Databricks, based in San Francisco, said it will use the new capital to accelerate its AI strategy and development. The company pointed to its Agent Bricks tools for building production AI agents and its Lakebase operational database—both introduced in June at the company’s Data + AI Summit—as examples of products where it plans to step up its development work.

The new funding also will support future AI acquisitions, “deepen AI research” and fuel its global growth, the company said.

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The funding news was largely anticipated after Databricks announced last month that it was pursuing a Series K funding round that would boost the company’s value to more than $100 billion.

The funding round was co-led by Andreessen Horowitz, Insight Partners, MGX, Thrive Capital and WCM Investment Management.

In Monday’s announcement, Databricks also provided a glimpse at some of its financials, disclosing that it surpassed a $4 billion annual revenue run rate in its second quarter, growing 50 percent year over year, and achieved positive free cash flow over the last 12 months.

The company also said that it recently exceeded a $1 billion annual revenue run rate for its AI products, a net retention rate greater than 140 percent, and has more than 650 customers using Databricks products at more than $1 million annually. Altogether the company has more than 20,000 businesses and organizations using its software.

“Our teams are putting up these results by building the data and AI infrastructure enterprises will rely on for decades,” said Databricks co-founder and CEO Ali Ghodsi, in the announcement. “With this new capital, we can move even faster with Agent Bricks, helping customers in every industry turn their data into production AI agents, and carry more momentum as we create the new Lakebase category, reinventing databases for AI agents.”

Databricks also noted that during the two prior quarters it launched or expanded partnerships with Microsoft, Google Cloud, Anthropic, SAP and Palantir.