Its competitor Snowflake has also made a string of AI-focused announcements at the 2023 Snowflake Data Summit.
Databricks’ competitor might have the edgeĭatabricks isn’t the only one hosting a big summit this week.
Rubicon focuses on building storage systems for AI, while MosaicML builds high-end large language models. Databricks recently announced two new purchases: it’s acquiring AI storage and serving systems start-up Rubicon for an undisclosed amount and taking over generative AI start-up MosaicML for $1.3 billion. Instead, the company is focusing on building its AI capabilities - a savvy move, given Wall Street’s love affair with the buzzy new tech. In 2023 so far, there have only been 49 IPOs worth a total of $8.3 billion. There’s no denying the reality: IPO activity has dropped off a cliff after the golden times of 2021, when 397 IPOs in the U.S. Regarding the figures, Databricks looks very healthy: it saw sales jump 60% in its fiscal year ending in January, generated $1 billion in revenue, and its data warehousing product passed the $100 million mark in annualized recurring revenue this April.ĭespite this, Ghosdi says there aren’t any immediate plans for an IPO as, he said in an interview with Bloomberg, “right now the markets are shut down”. This is actually a small haircut from its $38 billion valuation back in 2021 when the tech market was at its peak, but Databricks is still the eighth most valuable start-up in the world, even with the lower valuation. Could Databricks go for an IPO?ĭatabricks is worth $33 billion as of its most recent valuation from October last year. He also predicted that in five years’ time, every company “will be an AI and data company” and being in control of their own data and models would win ahead of third-party services. In his keynote speech at the event, Databricks CEO Ali Ghodsi said the AI-powered Lakehouse platform “gives you control over your intellectual property”. Databricks also plans to make Lakehouse IQ available as an API, with plans to integrate the tech into open-source libraries.
What does that actually mean? Databricks has created a generative AI platform that takes all of a business’ info, like mission statements and data usage patterns, then outputs a far more accurate and relevant AI chatbot for the organization. Lakehouse IQ will allow users to develop their own generative AI models, with the idea that the Lakehouse platform handles data, AI models and governance all on one platform to make the process more efficient. What is Databricks and the Data + AI Summit?ĭata storage and AI company Databricks isn’t pulling punches at its latest summit, as it looks to become one of the top companies for enterprise AI.Īt the summit, Databricks revealed it’s augmenting its existing Lakehouse data platform with new AI, natural language processing and data governance features.
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