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Despite the heavy losses over the past two years, Databricks is looking for additional investments. This money will be used to implement the company’s AI plans. Accordingly, the
Despite the heavy losses over the past two years, Databricks is looking for additional investments. This money will be used to implement the company’s AI plans.
Accordingly, the American software company Databricks The information Discussions with various investors. Despite an operating loss of $900 million over the past two years, the company plans to invest heavily in AI research. Databricks wants to raise several hundred million, which seems like a no-brainer compared to the $1.5 billion two years ago.
Despite the huge losses over the past two fiscal years, Databricks would still be close to breaking even. It undoubtedly helped that the company was able to reach the billion mark in sales for the first time in January.
Year-over-year, Databricks even saw 70 percent growth. CEO Ali Ghodsi explained in a previous interview with Bloomberg that Databricks is one of the fastest growing software companies in the world and that customers are keen to use their data through its platform to advance AI.
Like the rest of the world, Databricks is increasingly looking towards AI. The aim of the new inflow of money is therefore to set up a data platform for the latest AI applications. This AI can be trained on the analyzed information that companies process and transform through Databricks’ current system, whose software would complete these tasks much faster than traditional data platforms.
In the same conversation with Bloomberg, Ghodsi also emphasized that Databricks is still a private company. This makes large investments easier: there are no external interventions to consider, which means more freedom when issuing (new) investments.
The company recently acquired two other startups, Rubicon and Okera. Both are active in different aspects of AI. These acquisitions are part of a larger AI plan that Databricks has been working on for some time.
Earlier this year, the company launched two versions of its open-source AI model, Dolly. This includes a commercial license so other companies can train Dolly with their data to develop their own revenue-generating models.
Databricks announced even more AI ambitions at its own Data+AI Summit. The company plans to continue innovating on large language models, such as its Lakehouse IQ, which uses LLMs to derive business relevance from technical data. Databricks has also built a new platform for developing generative AI applications using the technology from its recent acquisition, MosaicML.
Source: IT Daily
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