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According to a recent report, the Data Science Platforms market is estimated to grow at 77% CAGR to reach $322.9 billion by 2026. Databricks, a leading data analytics solution provider, recently reported its annual revenues that grew more than 50%.
Databricks’s FinancialsSan Francisco-based Databricks was set up with the objective of integrating data engineering, science, and analytics on an open, unified platform to help data teams collaborate and innovate faster. The company remains privately held and does not share details of its financials. Earlier this year, it announced that its revenues had grown more than 50% to over $1.6 billion. Databricks did not give further details on profitability or revenue segmentation besides informing that its data-warehousing product, launched in December 2021, is operating at an annual revenue run rate of $250 million.Last year, Databricks had a pre-IPO funding round when it raised $500 million in a round led by Nvidia at a valuation of $43 billion. In an earlier round of funding held in October 2019, it had raised $500 million in a round led by Nvidia at a valuation of $43 billion. Databricks was expected to go public last summer, but the continuing macro pressures appear to have delayed those plans.
Databricks’s AI AcquisitionsDatabricks continues to grow its reach through acquisitions. Last month, it announced the acquisition of Lilac, a Boston-based applied research startup, for an undisclosed sum. Lilac is known for its ability to make exploration of unstructured data easy. Its tool is focused on usage by data scientists and AI researchers and helps them explore, understand, and modify text datasets in a tractable way. Its scalable solution encourages and facilitates interaction with data. It offers an intuitive user interface and AI-augmented features that allows data scientists and researchers to explore data clusters, derive new data categories using human feedback and classifiers, and tailor datasets based on these insights.Databricks plans to integrate Lilac’s offerings with its Mosaic AI to provide customers with end-to-end capabilities that will help them develop high-quality GenAI apps using their own data. Lilac’s technology will help simplify the process of evaluation and monitoring of the outputs of LLMs, as well as prepare datasets for RAG, fine-tuning, and pre-training. Prior to the acquisition, Lilac was privately held and did not share its funding or financial details.Besides acquisitions, Databricks is also making significant investments in the AI space. Earlier this year, it announced a partnership with Paris-based Mistral, a leading provider of generative AI solutions. Databricks did not disclose the investment details. As part of the partnership, the investment will help bring select Mistral LLMs to Databricks’ data intelligence platform. The direct integration of the models will make it easier for enterprise users to use Mistral’s capabilities with their data for generative AI applications.More By This Author:H2O.ai Builds Smaller AI ModelsIs BigML Just Another Small ML Platform Player?AI Unicorns: Clarifai Brings AI To Third Party Developers
