Databricks raises $10B as it barrels toward an IPO

Databricks, the data analytics platform, has raised $10 billion in a funding round that values the company at $62 billion (up from $43 billion). Backers include Thrive Capital, Andreessen Horowitz, DST Global, GIC, and Iconiq Growth.

The round is one of the largest venture rounds in history, and will drive future mergers and acquisitions, stock payouts to employees, and expansion abroad, according to a statement obtained by CNBC.

Databricks’ mammoth “Series J” comes ahead of the company’s hotly anticipated IPO. Founded in 2013 by seven doctorate candidates from UC Berkeley, Databricks sells AI, big data analytics, and cloud tooling to enable companies to build data- and AI-powered applications.

Databricks expects to generate positive free cash flow for the first time with a $3 billion revenue run rate in the quarter that ends on January 31, according to CNBC. The company’s revenue in the October quarter grew more than 60% year over year.