Databricks raises $4B at $134B valuation as its AI business heats up

This is Databricks’ third major venture fundraise in less than a year, and it comes as the company focuses on building products that address the needs of the AI revolution: a database for AI agents, an AI agent platform, and apps that let companies build and deploy data and AI applications.

Indeed, Databricks on Tuesday said it now generates run-rate revenue of more than $4.8 billion, up 55% from a year earlier, of which more than $1 billion came from its AI products.

“The parallel rise of vibe coding and generative AI is accelerating the development of data-intelligent applications in the enterprise. Databricks will use this new capital to help customers build AI apps and agents on their proprietary data, leveraging Lakebase as the system of record, Databricks Apps as the user experience layer, and Agent Bricks to power multi-agent systems,” the company said in a press release.

“Enterprises are rapidly reimagining how they build intelligent applications, and the convergence of generative AI with new coding paradigms is opening the door to entirely new workloads,” Databricks’ co-founder and CEO Ali Ghodsi said in a statement.

The round was led by Insight Partners, Fidelity, and J.P. Morgan Asset Management. Andreessen Horowitz, BlackRock, Blackstone, Coatue, GIC, MGX, NEA, Ontario Teachers Pension Plan, Robinhood Ventures, T. Rowe Price Associates, Temasek, Thrive Capital, and Winslow Capital also participated.