Meta backs knowledge analytics firm Databricks as AI | Inventory Information
(Reuters) – Databricks stated on Wednesday Meta Platforms (NASDAQ:) had joined as an investor in a $10 billion funding spherical supposed to fuel the information analytics startup’s growth plans and new product development.
The Sequence J funding spherical closed on Wednesday and valued Databricks at $62 billion.
The company additionally secured a $5.25 billion credit facility led by JPMorgan Chase (NYSE:) alongside Barclays (LON:), Citi, Goldman Sachs, and Morgan Stanley (NYSE:).
Based in 2013, San Francisco-based Databricks gives a platform designed to help customers ingest, analyze and construct artificial intelligence purposes utilizing advanced knowledge from a selection of sources.
Buyers are racing to pour money into AI-related startups after the meteoric success of OpenAI’s ChatGPT triggered a surge in company adoption of the technology.
Sam Altman-led OpenAI raised $6.6 billion from buyers in 2024.
Corporations, together with Meta, have been investing closely to construct and practice giant language fashions (LLMs) corresponding to ChatGPT, that are superior AI systems designed to grasp and generate human-like textual content.
Databricks works carefully with Meta’s Llama workforce. Llama is a household of open-source LLMs developed by the Fb mother or father.
“Thousands of customers are using Llama on Databricks and we have been working closely with Meta on how to best serve those enterprise customers with Llama,” Databricks co-founder and CEO Ali Ghodsi stated.
“It naturally made sense for both parties to deepen that partnership through this investment.”
Extra than 10,000 organizations, together with Comcast (NASDAQ:), Block, Rivian (NASDAQ:) and Shell (LON:), depend on the company’s Databricks Information Intelligence Platform to handle and analyze knowledge for AI purposes, based on its web site.
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