Databricks Raises $1 Billion Series G Investment at $28 Billion Valuation - Canada NewsWire | Canada News Media
Connect with us

Investment

Databricks Raises $1 Billion Series G Investment at $28 Billion Valuation – Canada NewsWire

Published

 on


Lead Franklin Templeton is joined by Fidelity and new strategic investors AWS, CapitalG, and Salesforce Ventures; Current strategic investor Microsoft also participated

SAN FRANCISCO, Feb. 1, 2021 /CNW/ — Databricks, the Data and AI company, today announced a $1 billion investment in response to the rapid global adoption of its unified data platform. The Series G funding, led by new investor Franklin Templeton, puts Databricks at a $28 billion post-money valuation. Franklin Templeton is joined by other new investors including Canada Pension Plan Investment Board, Fidelity Management & Research LLC, and Whale Rock, along with new strategic investors Amazon Web Services (AWS), CapitalG and Salesforce Ventures. Existing investors participating in the round include Microsoft, Andreessen Horowitz, Alkeon Capital Management, funds and accounts managed by BlackRock, Coatue Management, funds and accounts advised by T. Rowe Price Associates, Inc. and Tiger Global Management.

“We see this investment and our continued rapid growth as further validation of our vision for a simple, open and unified data platform that can support all data-driven use cases, from BI to AI,” said Ali Ghodsi, CEO and Co-Founder of Databricks. “Built on a modern lakehouse architecture in the cloud, Databricks helps organizations eliminate the cost and complexity that is inherent in legacy data architectures so that data teams can collaborate and innovate faster. This lakehouse paradigm is what’s fueling our growth, and it’s great to see how excited our investors are to be a part of it.”

This funding will accelerate Databricks’ innovation and allow the company to scale and support the rapid adoption of the lakehouse, which is quickly becoming the data architecture of choice for data-driven organizations around the world.

Franklin Templeton is excited to work with Databricks as they enter this next stage of their impressive journey. We’ve seen first hand their ability to help enterprises leverage data to better understand customer journeys, operationalize business processes and, ultimately, build competitive advantage rooted in data. We believe they have a strong, accomplished team and visionary platform, and believe that the future for Databricks is bright, with a clear leadership position and open-ended growth opportunity,” said Jonathan Curtis, Senior Vice President, Research Analyst and Portfolio Manager, Franklin Templeton.

“Azure Databricks continues to be an impressive solution that brings the latest advances in open, flexible and scalable data and AI capabilities to our customers,” said Scott Guthrie, Executive Vice President, Cloud + AI, Microsoft Corp. “Our investment underscores the vision we share with Databricks of simplifying data and AI for our customers. Together, we will continue to build on the success of Azure Databricks and seamless integrations across Azure data services to enable cloud-scale analytics and AI on Azure.”

Other existing and new investors that participated in this funding round include: Discovery Capital, Dragoneer Investment Group, Founders Circle Capital, Geodesic, GIC, Green Bay Ventures, Greenoaks Capital, New Enterprise Associates (NEA) and Octahedron Capital.

About Databricks
Databricks is the data and AI company. More than 5,000 of organizations worldwide — including Comcast, Condé Nast, Nationwide, H&M, and over 40% of the Fortune 500— rely on Databricks’ unified data platform for data engineering, machine learning and analytics. Databricks is headquartered in San Francisco, with offices around the globe. Founded by the original creators of Apache Spark™, Delta Lake and MLflow, Databricks is on a mission to help data teams solve the world’s toughest problems. To learn more, follow Databricks on Twitter, LinkedIn and Facebook.

Press Contact:
Keyana Corliss
Head of Global Communications
[email protected]

IR Contact:
[email protected] 

SOURCE Databricks

Related Links

https://databricks.com

Let’s block ads! (Why?)



Source link

Continue Reading

Investment

Tesla shares soar more than 14% as Trump win is seen boosting Elon Musk’s electric vehicle company

Published

 on

 

NEW YORK (AP) — Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump’s return to the White House.

Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.

“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”

Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.

Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.

Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.

Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.

In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.

The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.

And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.

Tesla began selling the software, which is called “Full Self-Driving,” nine years ago. But there are doubts about its reliability.

The stock is now showing a 16.1% gain for the year after rising the past two days.

The Canadian Press. All rights reserved.

Source link

Continue Reading

Investment

S&P/TSX composite up more than 100 points, U.S. stock markets mixed

Published

 on

 

TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

Source link

Continue Reading

Economy

S&P/TSX up more than 200 points, U.S. markets also higher

Published

 on

 

TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

Source link

Continue Reading

Trending

Exit mobile version