Core Insights - Databricks plans to raise over $4 billion in a Series L funding round, valuing the company at $134 billion [1] - The company achieved a revenue run-rate exceeding $4.8 billion in Q3, with a year-on-year growth of over 55% [1] - Databricks has generated positive free cash flow over the past 12 months since December 2024 [1] Funding Details - The Series L investment is led by Insight Partners, Fidelity Management & Research Company, and JP Morgan Asset Management, with additional investors including Andreessen Horowitz and BlackRock [2] - The funding will support product development in three strategic areas: Lakebase, Databricks Apps, and Agent Bricks [2] Product Development Focus - The funding aims to assist customers in developing AI applications and agent-based tools using proprietary data, positioning Lakebase as the system of record [3] - Databricks Apps allows organizations to quickly and securely build and deploy data and AI applications, while Agent Bricks simplifies the creation and scaling of high-quality agents [4] - Lakebase is a serverless PostgreSQL database designed to support AI-era workloads [4] Market Position and Growth - Databricks co-founder and CEO Ali Ghodsi emphasized the rapid transformation in how enterprises build intelligent applications, driven by generative AI and new coding paradigms [5] - Lakebase has attracted thousands of customers in its first six months, generating revenue growth at double the pace of the data warehousing product [5] - The Data Warehousing product reached a revenue run-rate of over $1 billion in less than four years, while AI products also achieved a revenue run-rate of over $1 billion [6] - Databricks maintains a net retention rate above 140%, with over 700 customers generating an annual revenue run-rate exceeding $1 million [6]