Cloud data company Databricks recently announced the completion of a Series I fundraising round where it raked in $500M from primary investor accounts led by T.Rowe and new investors Capital One Ventures, Ghisallo Capital Management, Ontario Teachers\u2019 Pension Plan and Nvidia.<\/p>\n
The latest investment round was achieved at a valuation of $43 billion dollars and a share price of $73.50, according to Databricks. Previously, the company raised $1.6 billion in series H funding at a valuation of $38 billion in 2021. <\/p>\n
Databrick\u2019s financial partnership with Nvidia indicates an increased synergy between the two artificial intelligence (AI) corporations with generative AI for enterprise data being the primary driver for the fundraise.<\/p>\n
Nvidia CEO Jensen Huang, per a Databricks press release, called enterprise data \u201ca goldmine for generative AI,\u201d adding \u201cDatabricks is doing incredible work with Nvidia technology to accelerate data processing and generative AI models.\u201d<\/p>\n
Databricks\u2019 most prominent product is its \u201cLakehouse” platform. Lakehouse essentially combines a data warehouse with a data lake for seamless developer workflow access. <\/p>\n
Per the company\u2019s press release:<\/p>\n
\u201cThe Databricks Lakehouse unifies data, analytics and AI on a single platform so that customers can govern, manage and derive insights from enterprise data and build their own generative AI solutions faster.\u201d<\/p><\/blockquote>\n
Lakehouse empowers enterprise clients to build out their own generative AI models \u2014 sort of like a ChatGPT-style AI system that\u2019s trained only on a client\u2019s internal data. This architecture puts privacy controls in the purview of the business client and allows enterprises to fine-tune models in order to inhibit unwanted or erroneous outputs. <\/p>\n