Databricks, an artificial intelligence startup based in San Francisco, has announced a Series D funding round worth $144 million, led by venture capital firm Andreessen Horowitz.
The Databricks mission objective is simple: make AI approachable for companies that are either struggling with their own implementations or that simply want to dabble. The company has developed what it calls a Unified Analytics Platform that lets other firms use AI and machine-learning technologies to analyze the large amounts of data they generate and provide insights to executives and company leaders. With the AI market projected estimated to be worth $36.8 billion by 2025, Databricks seems well placed to capture a slice of future revenues with its marketing of "easy" AI to corporations and companies.
Databricks says it will use the latest funding to accelerate development of the Unified Analytics Platform and expand into previously untapped markets, including healthcare and life sciences, the government sector and financial services.
CEO and co-founder of Databricks, Ali Gosher, said: "AI has enormous promise but also a 1% problem. Less than ten companies in the world are achieving the full potential of AI and the rest are really struggling. Databricks' mission is to simplify AI and bring it to the other 99% of enterprise organizations. This funding will enable us to expand our offering and bring it to many more markets, enabling more businesses to reap the benefits of big data and AI."
The AI market is still very much in its infancy. But as more companies see the value in using AI to stay one step ahead of their rivals, Databricks could have a key role to play.