Databricks Valuation Soars to $43B With $500M Raise Despite Tech Downturn
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Databricks raised over $500M at a $43B valuation, with new investors Nvidia and Capital One participating.
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The new valuation is up from $38B in 2021, despite the downturn in tech stocks.
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Databricks acquired AI startup MosaicML in July 2022 for $1.3B. The strategic tie-up with Nvidia is important for AI capabilities.
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Capital One is a major customer of rival Snowflake, but is now also investing in Databricks.
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Databricks grew revenue 50% YoY to a $1.5B run rate in Q2 2022. An IPO is still planned down the road.