Databricks closes in on multibillion funding round at $55 billion valuation to help employees cash out

Published On Nov 26, 2024, 1:40 PM

Databricks is on the verge of closing a significant funding round, aiming to raise at least $5 billion, which could increase to $8 billion. The new valuation of the company after this funding is set to reach $55 billion. This funding is primarily intended to allow employees to cash out their shares, decreasing the urgency for an IPO. Founded in 2013, Databricks specializes in data analytics and AI software, helping companies manage large datasets and build generative AI solutions. The company has seen rapid growth, with expected annual revenue of $2.4 billion by mid-2024.