Databricks just secured a funding round from major investors after a year of explosive revenue growth. Databricks revenue run rate hit a high of $4.8 billion, growing 55% year over year. Both its AI products and data warehouse have amassed revenue run rate of $1 billion. The company has maintained a positive free cash flow over the past year and has achieved a net retention rate of 140%. More than 700 Databricks customers spend more than $1 million annually with the platform.

New capital will be used to accelerate 3 of its core products. Namely, Lakebase, a serverless Postgres database built specifically for AI workloads. Databricks apps, a platform for the fast deployment of secure data and AI applications. Agent bricks, A toolset for creating and scaling high-quality AI agents and multi-agent systems.

Beyond product development, Databricks is aiming to solidify its position as “the system for record” for enterprise data in the age of generative AI. CEO Ali Ghodsi emphasized that these initiatives would help to make AI accessible to every organization by providing a unified foundation for high-performance, trusted applications.