General News Start-Ups Technology

Databricks raises $250 million in Series E round of funding at a valuation of $2.75 billion

Databricks

Databricks, a cloud-based big data processing firm started by the founders of Apache Spark, has secured a Series E round of funding of $250 million which was led by Andreessen Horowitz.

Companies like Microsoft, Coatue Management and New Enterprise Associates (NEA) participated in this round of funding.

The Series E round of funding brings the total amount raised by the company to $498.5 million. The company is now valued at $2.75 billion after this round of funding.

Ali Ghodsi, the co-founder and CEO of Databricks stated that the company has gone from zero revenue to over $100 million in revenue in only three years.

The company provides the services of building data pipelines across different storage systems and which would prepare labeled datasets for model building.

With the help of Databricks, a firm can eliminate the challenges of data silos and the gap between data processing and machine learning platforms. The communication gaps between data scientists and engineers would be reduced with this platform.

The company has over 2000 clients which include Overstock, Hotels.com, Shell, HP, Nielsen, and Bechtel.

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Joel Picardo

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