Databricks raises over $4 billion in Series L funding, valuing the company at $134 billion. More startups are opting for private funding over IPOs, with the median age of companies going public increasing from 6 in 2000 to 14 in 2024. Databricks plans to use the funds to expand AI applications and research.

Databricks, a private tech giant, specializes in cloud-based data storage, processing, analysis, and AI model development. The company has seen success in partnering with AI research firms and plans to use the new funding to further invest in AI-driven applications and research, as well as provide liquidity for employees.

Databricks announces a revenue run rate of $4.8 billion during its third quarter, marking a 55% increase from the previous year. Investors see the potential for every corporation to become a data company, driving the need for unified platforms like Databricks. The company’s growth highlights the ongoing AI boom and its impact on tech investments.

Read more at Yahoo Finance: Databricks Snags $4B in Funding as AI Keeps Investors Enthralled