The company expects to cross US$3 billion revenue run-rate and be free cash flow positive in the fourth quarter ending January 31, 2025.

Data and artificial intelligence (AI) company Databricks is raising a US$10 billion ($13.5 billion) Series J funding round of expected non-dilutive financing, valuing the company at US$62 billion. 

The company has completed US$8.6 billion thus far. The round is led by Thrive Capital and co-led by GIC, Andreessen Horowitz, DST Global, Insight Partners and WCM Investment Management. 

Databricks intends to invest the capital towards new AI products, acquisitions and significant expansion of its international go-to-market operations. Additionally, the funding is expected to be used towards providing liquidity for current and former employees as well as pay related taxes.

“We were substantially oversubscribed with this round and are super excited to bring on some of the world’s most well-known investors who have a deep conviction in our vision,” says Databricks co-founder and CEO Ali Ghodsi. “These are still the early days of AI,” he adds.

The company expects to cross US$3 billion revenue run-rate and be free cash flow positive in the fourth quarter ending January 31, 2025.

In August, Databricks announced Singapore as its regional hub for the Asia Pacific and Japan region, with plans to increase its Singapore-based workforce. The company has started working with the Economic Development Board to add critical roles in field engineering, professional services, strategy, operations and learning and enablement.