Databricks plans to raise over $4bn in a Series L funding round, valuing the company at $134bn. Revenue run-rate surpassed $4.8bn in Q3, with 55% year-on-year growth. Focus will be on Lakebase, Databricks Apps, and Agent Bricks for AI development. Funding led by Insight Partners, Fidelity Management & Research Company, and JP Morgan Asset Management.

Additional investors include Andreessen Horowitz, BlackRock, Blackstone, Robinhood Ventures, and Thrive Capital. Lakebase is a serverless PostgreSQL database for AI workloads. CEO Ali Ghodsi sees potential for new coding paradigms with generative AI. Lakebase has attracted thousands of customers with rapid revenue growth.

Databricks’ data warehousing product hit $1bn run-rate in under four years. AI products also surpassed $1bn run-rate. Net retention rate exceeds 140% with over 700 customers at $1m run-rate. New capital to fuel growth, provide liquidity for employees, support future AI acquisitions, and deepen AI research.

Read more at Yahoo Finance: Databricks plans more than $4bn Series L at $134bn valuation