US-based data analytics software producer Databricks has secured $250m in series E funding from investors including software provider Microsoft today.
Andreessen Horowitz led the round, which also featured fellow venture capital firm New Enterprise Associates (NEA) and investment manager Coatue Management. It valued the company at $2.75bn.
Databricks has created a big data analytics platform based on Apache Spark software created by its founders which enables corporate clients to connect their data science and engineering teams so they can prepare data more thoroughly and build original data-based tools and products.
The company has more than 2,000 corporate customers and said its annual recurring revenue is now higher than $100m. It released a version of the product customised for Microsoft’s Azure cloud computing platform in late 2017 having worked with the corporate on since the year before.
The latest round increased Databricks’ funding to about $497m altogether, and came in the wake of a $140m series E led by Andreessen Horowitz and backed by NEA and Battery Ventures in August 2017.
Andreessen Horowitz provided the company’s first funding in the form of a $14m investment in 2013 and has participated in every subsequent round, while NEA came in when it led Databricks’ $33m series B round the following year.
Ali Ghodsi, Databricks’ co-founder and chief executive, told TechCrunch the funding will support growth in the Asia Pacific region while the company looks to grow its business with federal agencies, financial technology providers and mass media and entertainment companies.
This article was amended to reflect an official announcement by Databricks.
