Data analytics platform Databricks raised $10 billion from Milner fund and other investors

One of the main features of Databricks is its proprietary data analytics platform that uses machine learning and artificial intelligence. According to the statement, it can be used, in particular, to detect and treat diseases, detect financial fraud, develop medicines and manage assets. The platform is used by Comcast, Rivian, Shell and other large companies.

In the fourth quarter, ending Jan. 31, Databricks expects to achieve positive free cash flow with annual revenue of $3 billion. The company’s revenue in the third quarter grew more than 60% year over year, according to the statement.

According to Axios, Databricks’ funding round has become one of the largest in Silicon Valley history. At the same time, the company’s director, Ali Ghodsi, speaking at the AI+ Summit conference organized by the publication in San Francisco, stated that the growing popularity of AI has caused a bubble to appear in the market. “When companies that have nothing get billion-dollar valuations, it’s a bubble,” he said.

When asked why Databricks decided to raise funds in this situation, Ghodsey said he did not want the company’s employees to have to “wait too long for liquidity.”

Databricks aims to go public in 2025 or 2026, Ghodsey said. “I really believe that most of the time Databricks will be a public company, even if it is not yet,” the executive said.