Databricks, a start-up based in San Francisco that was founded by the original creators of Apache Spark, raised $250 million in a Series E funding for its unified analytics solutions.
The company's Unified Analytics allows organizations to do data science on massive data sets. The approach addresses data silos and the gap between data processing and machine learning platforms.
Databricks said it generated in excess of $100 million in annual recurring revenue during 2018 and experienced approximately 3x year-over-year growth in subscription revenue during the last quarter of 2018.
The new funding round was led by Andreessen Horowitz. Coatue Management, Microsoft, and New Enterprise Associates (NEA) also participated. The company has now raised $498.5 million to date. Its valuation now stands at $2.75 billion.
“Databricks has gone from almost no revenue to over $100 million in annual recurring revenue in just three years, putting us among the fastest growing enterprise software companies,” said Ali Ghodsi, CEO and co-founder of Databricks. “What’s driving this incredible growth is the market’s massive appetite for Unified Analytics. Organizations need to achieve success with their AI initiatives and this requires a Unified Analytics Platform that bridges the divide between big data and machine learning.”
“Databricks is the clear winner in the big data platform race,” said Ben Horowitz, co-founder and general partner at Andreessen Horowitz. “In addition, they have created a new category atop their world-beating Apache Spark platform called Unified Analytics that is growing even faster. As a result, we are thrilled to invest in this round.”
http://www.databricks.com
