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Databricks completed a billion-dollar funding round with a valuation of 55 billion dollars.
Databricks co-founder and CEO Ali Ghodsi, headquartered in San Francisco, will raise at least another $5 billion in the latest round of refinancing. Sources revealed that given the ongoing nature of this round of financing, the company may raise an additional $8 billion. The latest round of refinancing will result in the company valuation reaching $55 billion. Sources said that the latest round of financing aims to help Databricks employees sell stocks. Reducing the pressure for employees to cash out also decreases the need for liquidity events like IPOs. This financing round has raised high expectations for Databricks.