Databricks Announces $400m Growth Investment And Appoints Dave Conte As CFO
The Series F round was led by Andreessen Horowitz’s Late Stage Venture Fund and is intended to accelerate innovation and scale across the globe, and values Databricks at $6.2bn.
The company has grown annual recurring revenue 2.5x over the past year and has gone from almost no revenue to a $200m revenue run rate in less than four years, according to the company.
“Data teams at thousands of organisations globally are now leveraging our Unified Data Analytics Platform to solve their toughest problems,” said Ali Ghodsi, co-founder and CEO at Databricks.
“Our bets on massive data processing, machine learning, open-source and the shift to the cloud are all playing out in the market and resulting in enormous and rapidly growing global customer demand.
“As a result, Databricks is among the fastest-growing enterprise software cloud companies on record.”
The new investment will allow the company to scale R&D and continue its global expansion. The company added that it will invest €100m in its recently announced European development centre in Amsterdam over the next three years.
“Databricks’ net revenue retention is astounding,” said David George, general partner at Andreessen Horowitz.
“Why? Because customers love the product. Beyond that, they’ve followed up their breakthrough Spark technology with an amazing series of open source innovations including Delta Lake, MLflow, and Koalas.”
Elsewhere, Databricks also announced the appointment of Dave Conte as Chief Financial Officer, effective immediately.
In his role, Conte will report directly to co-founder and Chief Executive Officer Ali Ghodsi and lead all of the financial and operational functions at the company.
The company added that Conte brings experience most recently from Splunk and Opsware after starting his career at Ernst & Young.
“We’re honoured to have Dave join the leadership team. His experience leading and scaling global financial and operational functions at high-growth enterprise software companies is impressive,” Ghodsi said.
“Dave brings a breadth of knowledge and proven track record to support our continued growth.”
Conte has 30 years of finance and administration experience in multi-national public and private companies within the technology industry.
Conte was Splunk’s CFO for the last eight years, and prior to that, he was the CFO at Opsware, an IT automation software company that was acquired by HP for $1.65bn.
“I’m honoured to join such a high calibre team that has driven really impressive growth,” said Conte.
“Enterprises continue to seek solutions that enable data-driven decision making and Databricks is well-positioned to support organisations in their data journey.
“I look forward to adding my experience to the team and contributing to the company’s continued growth.”
Investors that participated in the company’s funding round included Alkeon Capital Management, Andreessen Horowitz, funds and accounts managed by BlackRock Inc., Coatue Management, Dragoneer Investment Group, Geodesic, Green Bay Ventures, Microsoft Corporation, New Enterprise Associates (NEA), funds and accounts advised by T. Rowe Price Associates, Inc., and Tiger Global Management.
Industry: Data Centre / Data Center
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