[Funding alert] Data Analytics Platform Databricks Secures over $500 mn in funding

The artificial intelligence-based data analytics platform Databricks announced on Thursday that it had raised more than $500 million in a funding round that valued the business at $43 billion.

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This funding round was one of the largest for private tech companies this year. As the data company prepares for the public market, the latest round of capital, led by T. Rowe Price, maybe the final phase of private funding. Capital One Financial and chipmaker Nvidia, two further beneficiaries of the AI revolution, took part in the most recent fundraising round.

According to Ali Ghodsi, chief executive of Databricks, the company wants to utilize the funding to build out foundation models in collaboration with Nvidia, which creates the central computing chips used by AI models.

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"You want to have models that are really good at specific tasks. It matters to us to be able to do this for our enterprise clients," Ghodsi said.

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The funding for Databricks comes as the corporation has intensified its focus on creating a chatbot that can examine business data, such as written reports or sales transactions.
It released an AI helper dubbed LakehouseIQ in June that can understand questions spoken in plain language as opposed to computer code, as per reported by The Economic Times.

About Databricks

The data and AI startup has the name Databricks. The Databricks are used by over 9,000 businesses globally, including Comcast, Condé Nast, H&M, and more than 40% of the Fortune 500. Apache Spark, Apache Spark Training, Cloud Computing, Big Data, Data Science, Data Lakehouse, MLflow, Machine Learning, Data Engineering, Data Warehousing, Data Streaming, and Open Source are among Databrick's areas of expertise.

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