Last week, Databricks raised $400 million in a Series F funding round, bringing the company's total funding to almost $1 billion (making Databricks an almost-minotaur).
Databricks has built a platform that helps its customers unify their analytics across business, data science, and data engineering on top of an open-source framework.
Its product suite consists of:
Delta Lake, an open-source data lake product
MLflow, an open-source project that helps data teams operationalize machine learning
Koalas, which creates a single machine framework for Spark and Pandos
Spark, the open-source analytics engine
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With a $200 million run rate, Databricks seems to have found the sweet spot in terms of how to monetize a value-add platform built on top of open-source technology. If you thought that there is no money in open source, this might make you think twice (also, see IBM’s 2019 acquisition of open-source software provider Red Hat for $34 billion).
According to CEO Ali Ghosdi, the new funding will primarily be used for research and development. In addition, over the next three years, the company is looking to invest €100 million into its new European data center in Amsterdam.
“Our bets on massive data processing, machine learning, open source and the shift to the cloud are all playing out in the market and resulting in enormous and rapidly growing global customer demand,” Ali said in a statement.
Matthew Miller is passionate about emerging technology and its impact on society and businesses. He most recently worked as an AI Research Analyst at CognitionX, a London-based AI-powered Knowledge Network and host of one of Europe's largest Ai conferences. He also co-founded a pro bono voice technology group, VAICE, which has helped companies discover the best ways to incorporate voice tech in their business and their business models. At G2, he is focusing on the AI and Analytics categories and looks forward to learning more. Get in touch at firstname.lastname@example.org.