Data and artificial intelligence (AI) company, Databricks, has raised over US$500 million ($679.7 million) in its Series I funding.

The latest round values the company at US$43 billion and puts its price per share at US$73.50.

The series is led by funds and accounts advised by T. Rowe Price Associates, Inc. It is also joined by other existing investors including Singapore’s GIC, Andreessen Horowitz, Baillie Gifford and ClearBridge Investments.

Other investors which took part in this round also include funds and accounts managed by Counterpoint Global (Morgan Stanley), Fidelity Management & Research Company, Franklin Templeton, Octahedron Capital and Tiger Global along with new investors Capital One Ventures, Ontario Teachers’ Pension Plan and NVIDIA.

“The commitment from long-term focused strategic and financial partners reflects Databricks’ continued momentum, the rapid customer adoption of the Databricks Lakehouse, and the success customers are seeing from moving to a unified data and AI platform,” says Ali Ghodsi, co-founder and CEO of Databricks. “Databricks and NVIDIA are building transformative AI technology, and we’re excited about the business value and innovation we can bring to our customers.”

"Enterprise data is a goldmine for generative AI," adds Jensen Huang, founder and CEO of NVIDIA. “Databricks is doing incredible work with NVIDIA technology to accelerate data processing and generative AI models.”

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“Data and AI have rapidly become the centerpiece of many business strategies. Databricks has not only pioneered the lakehouse category with a world-class team and product, but it is now also at the forefront of generative AI for the enterprise. We’re proud to extend our investment at such a pivotal time for the company, its customers, and the data and AI industry,” says Alan Tu, lead private equity analyst at T. Rowe Price Associates, Inc.

The Databricks lakehouse brings together data, analytics and AI on a single platform for its customers to govern, manage and glean insights from enterprise data and build their own generative AI solutions in a quicker manner.

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