Databricks, the global data and artificial intelligence (AI) company, has on Wednesday announced the final closing of its Series J funding.

Existing investor QIA, the sovereign wealth fund of the State of Qatar, along with new investors including Temasek and entities administered by Macquarie Capital, participated in the funding round, which values the company at $62 billion, Databricks said in a statement.

In addition, Meta has joined as a new strategic investor.

Databricks plans to invest this capital toward new AI products, acquisitions, and expansion of its international go-to-market operations.

This capital is also expected to be used toward providing liquidity for current and former employees and paying related taxes.

In addition to raising the $10 billion equity financing from some of the most well-known investors, Databricks closed a $5.25 billion credit facility led by JPMorgan Chase alongside Barclays, Citi, Goldman Sachs, and Morgan Stanley, with participation from other leading financial institutions and alternative asset managers.

The credit facility includes a $2.5 billion unfunded revolver and a $2.75 billion term loan.

“We received overwhelming interest in this round from both new and existing investors and strategic partners who believe in our vision and market impact,

“These partners are focused on the long-term success of Databricks and our rapidly growing customer base,” said Ali Ghodsi, Co-Founder and Chief Executive Officer of Databricks.

“Organizations are modernizing their data and AI infrastructure because they recognize the immense potential of generative AI,

“Data intelligence is critical to both unlocking this potential and to helping enterprises reach their business goals,” he added.

The Databricks Data Intelligence Platform democratizes access to data and AI, making it easier for organizations to harness the power of their data for analytics, machine learning, and AI applications.

Built on an open source foundation, the platform enables organizations to drive innovation to increase revenue, lower costs, and reduce risk.

Customers use the Data Intelligence Platform to find and treat diseases and cancer earlier, identify new ways to combat climate change, detect financial fraud, develop pharmaceuticals faster, reduce time to mental health intervention, decrease local financial inequality and much more.

“We are excited to deepen our commitment to Databricks through this follow-on investment, underscoring our strong conviction in the company’s leadership and strategic positioning,

“At QIA, we are expanding our exposure across the AI ecosystem and believe Databricks has become the leading platform within the AI infrastructure software space,” said Mohammed Saif Al-Sowaidi, Chief Executive Officer of QIA.

Databricks Data Intelligence Platform is used by more than 10,000 organizations worldwide — including Block, Comcast, Condé Nast, Rivian, Shell and over 60 percent of the Fortune 500 to take control of their data and put it to work with AI.

Databricks is headquartered in San Francisco, with offices around the globe and was founded by the original creators of Lakehouse, Apache Spark™, Delta Lake and MLflow.

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